Alexei Kudrin, voice of reason

Alexei_Kudrin.jpgThis is another example why, at least in fiscal terms, Kudrin is more credible than other members of the Russian government:

“I don’t think any new unions of currencies will appear any time soon,” Kudrin said in a panel discussion at the St. Petersburg International Economic Forum. “The shortest way toward this would be for China to liberalize its economy and allow the convertibility of the yuan.

“This may take 10 years,” he said. “But after this, there will be a demand for this currency, and this will be the shortest way to create a new global reserve currency.”

It will take “very serious work” to make the ruble a reserve currency, even at the regional level, Kudrin said.

For those politicians around the world who continue to use the currency issue as a posturing tool, and to those in the media who continue to treat this as a legitimately plausible  possibility in the near future: ENOUGH.  Move along. Ten years is the minimum length of time required, which in actuality likely means at least 20 years. Surely this is not worth the news space it’s getting in recent weeks.