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ROME (Reuters) - China, Russia and Brazil will use this week's G8 summit in Italy to push their view that the world needs to start seeking a new global reserve currency as an alternative to the dollar, officials said on Tuesday.
Some nations have dumped their use of US dollars . China buys oil from Iran in Yuans not dollars
There is no international law demanding the US dollar be used in international purchases ----- but it has been used in almost all international markets as the world reserve for decades
Nations which buy oil horded US dollars - Nations bought Treasury bills and dollars to trade on the global market for their nation
As such the US is the only nation with the privilege of paying its debts in its own currency Other nations have to buy US dollars to pay their debts
If the US dollar is dumped and nations no longer have to buy US dollars to purchase oil or international goods or pay off their existing debts with ------------- trillions upon trillions will flood the open market places --------
Hyperinflation worse than Zimbabwe
Imports will almost imediately drop to zero ---- and import dependant industiries will declare bankrupcy and food will cause riots in the streets
Do Americans understand why this is such an important story ?