The man who trades freedom for security does not deserve nor will he ever receive either. – Benjamin Franklin
The article posted here a couple of days ago that I could not respond about due to being in hospital……making more sense.
The world reserve currency idea is as obsolete as the horse drawn wagon……Electronic currencies that translate the value of each currency at the time of transaction, making conversion to the dollar unnecessary, has taken off since Hugo Chavez introduced the Sucre in Spring, 2010. Chavez introduced the Sucre for use by the South American Trade Alliance, a membership of 12 tiny countries, including Cuba. Their total annual GDP was so small, it flew under US radar. For the first time in modern history, nations could trade directly with each other using their own currency, leaving the dollar out.
Russia and China watched closely, and in November, 2010, adopted an identical trade agreement with each other using a carbon copy of the Sucre. China spread it around the world. By the time US think tank fools realized what happened, the genie was out of the bottle forever. No matter what the US does, the dollar, and no other currency, will ever hold world reserve currency status again. Technology has rendered it obsolete.
If the US is indeed striking back, it will change nothing….It could well be the huge underclass in China….their unemployment is worse than the US, has been for years, and the current slowdown has made it worse. Ph.D educated people were taking day jobs to put food on the table five years ago according to the Wall Street Journal……It could still print the truth in those days. The population in China is overwhelming, nothing can sustain it.
I don’t know what is causing this, perhaps the total lack of regulations in China to protect their populace……human life is excessive there…….I don’t know, and it will be a while before anyone does.