August 13, 2011
....Robert Zoellick [President of World Bank]told dinner guests that financial markets had lost faith in the economic leadership of the US and Europe.
"Those events combined with some of the other fragilities in the nature of recovery have pushed us into a new danger zone and I don't say those words lightly," he said in forum with retired Australian diplomatic Richard Woolcott.
"We're entering a new danger zone and I think that confidence in economic leadership has been slipping.
"We're kind of moving from drama to trauma for a lot of the eurozone countries."
Mr Zoellick, a former US trade representative, predicted that while the US dollar would remain a principal reserve currency, there would be other exchange rate benchmarks.
"We're likely to move to a system where there will be multiple reserve currencies," he said.
"What you're going to see over the course of the next five years, maybe 10 years, is maybe moving to a new system, whether consciously or unconsciously."
He predicted the Chinese renminbi could "over time" be "part of this", as the Japanese yen and the British pound played a limited role.
[see the attached news clip from Deepika]
www.keralites.net       |
To subscribe send a mail to Keralites-subscribe@yahoogroups.com.
Send your posts to Keralites@yahoogroups.com.
Send your suggestions to Keralites-owner@yahoogroups.com.
To unsubscribe send a mail to Keralites-unsubscribe@yahoogroups.com.
Homepage: www.keralites.net
No comments:
Post a Comment