China wants to replace the US as world reserve currency --- Will that spell the end of the US?
A UN panel of expert economists pressed Thursday for a new global currency reserve scheme to replace the volatile, dollar-based system and for coordinated steps by rich countries to stimulate their economies.
"A new Global Reserve System -- what may be viewed as a greatly expanded SDR (Special Drawing Rights), with regular or cyclically adjusted emissions calibrated to the size of reserve accumulations, could contribute to global stability, economic strength and global equity," the panel said
A single monetary system may be the way to combat the worsening global financial crisis, says the Kazakh president.
BEIJING (Reuters) - Threatened by a "financial tsunami," the world must consider building a financial order no longer dependent on the United States, a leading Chinese state newspaper said on Wednesday.
China pushing to make Yuan world currency
All oil must be paid for in US dollars because it is the world reserve currency
But the US debt has sky rocketed
Bush printed 700 billion to buy bankers houses and then another 800 billion to cover other bad assets
That meant more selling of Treasury bonds to foreign investors
The Federal reserve bought up those bonds 2 weeks ago at the rate of 1 Trillion
Obama out did Bush -- and announced an out of pocket deficit spending of 1 Trillion dollars and a total of 3.27 Trillion in guaranteed expenditures
China seems pretty fed up with the Yanks right now ---- and has been wagging an angry finger for months now
If the US dollar is successfully dumped as the world reserve hyperinflation will hit the next week when untold trillions are returned to the market and the Treasury will be forced to buy them back with foreign holdings and assets --- Bankruptcy
The death of the US
No no --- Obama told the Russian NO -- which surprises me but I am glad of it
The Russians are laughing at Obama because they do not believe the US can sustain it's currency
Obama is refusing to go along with the plan