The “bitch fight” going on between the US and Russia

Yesterday, the Russian Finance Minister reaffirmed Russia’s belief in the Dollar’s status as the world’s reserve currency – in what seemed to be quite a surprising quote.

This was at least what the American spin on this was, and when the major newspapers reported it they used this spin. The fact is, what Alexi Kudrin said was that “the Dollar will continue to be the primary reserve currency for some time”, and if you listen to the audio of how he said this at the G8 meeting, it was almost a conciliatory tone – as if to say “there is nothing we can do about this right now, as much we would like to, but……..” .

The fun part of all this is that after the American media spun this off as a positive for the Dollar – and the Dollar rose in kind, today, Russian President Dmitry Medvedev commented that the world needs new reserve currency options, signaling in plain English, yes English, what the media refused to focus on – Russia is looking to diversify their reserves and lose the Dollar.

The “bitch fight” going on between the US and Russia is spilling over into all areas, from political alliances involving the Korean and Iranian issues, over to finance – where an American makes a statement and a Russian debunks it. It is probably frustrating for Forex online traders, although I myself have been quite entertained by the whole situation. Carry on boys…

The key here is to not just believe everything you read, if you don’t hear it yourself, and listen to what you are hearing, you might just not get the whole story. It is nice to say that the Dollar will be around as the leader, Forex Online bloggsters know however, that it is not just what you say, but how you say it. Keep your ears posted.