Dec 23 Bloomburg ---"Canada’s Finance Minister Jim Flaherty said China, with the world’s largest currency reserves of $2.3 trillion, may be poised to buy Canadian dollars as it seeks to shield its reserves against the U.S. dollar’s decline."
“It does not surprise me that China and Russia would take greater positions in the Canadian dollar than they have previously,” Flaherty, 59, said during an interview in his office in Ottawa. “I would expect countries looking around the world to invest in market currencies that are reliable.”
"The U.S. dollar has declined against all but one of the 16 most-active currencies this year, prompting major reserve- holding countries such as Russia and China to express concern about their U.S.-denominated investments. Russia last month said it will add Canadian dollars to its reserves to lower its dependence on the U.S. currency."
My note: You know things are really getting bad for the US dollar when you hear this. Of course things have been going down hill for the US dollar for a while. Saddam Hussein switched his oil revenue money from the US dollar to the Euro in Nov 2000. When other countries announced they wanted to do the same, they became "enemies" and "axis of evil."Unfortuately the US thinks it can solve all it's problems militarily.. with more and more bloody wars. As soon as we invaded Iraq, the oil revenue money was switched BACK to the US dollar.
Flaherty says Russia, China may buy Canada dollars (Dec 23)
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