Alex’s Notes: I called this one a while ago.

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Russian prime minister Vladimir Putin calls for end of dollar stranglehold

Russian prime minister Vladimir Putin has called for concerted action to break the stranglehold of the US dollar and create a new global structure of regional powers.

By Ambrose Evans-Pritchard in Davos
Last Updated: 11:13AM GMT 29 Jan 2009

For a few dollars less: Vladimir Putin has called for the end of the dollar as the world’s reserve currency. Photo: ASSOCIATED PRESS

“The one reserve currency has become a danger to the world economy: that is now obvious to everybody,” he said in a speech at the World Economic Forum.

It is the first time that a Russian leader has set foot in the sanctum sanctorum of global capitalism at Davos.

Mr Putin said the leading powers should ensure an “irreversible” move towards a system of multiple reserve currencies, questioning the “reliability” of the US dollar as a safe store of value. “The pride of Wall Street investment banks don’t exist any more,” he said.

Full article

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