Posted on 06/24/2010 2:03:11 PM PDT by Andrea19
...In light of the US’s role in global economic destabilization, and whereas major European powers have pledged fiscal prudence in stark contrast to the US, Chinese officials have expressed concern over the worldwide reliance on the dollar as a reserve currency and as the currency of international settlement. Moreover, given the trillions of dollars that China now holds, Beijing has become more and more cognizant of the fact that ill-considered US fiscal and monetary policy could ravage the value of its currency portfolio. The precariousness of settling all trade in foreign currencies manifested itself recently with the slipping and yo-yoing of exchange rates with China’s biggest partner: Europe...
(Excerpt) Read more at americanshareholders.org ...
I was delighted recently to see the Iranians scrambling to convert their weakening Euros to US dollars...ha, ha, ha.
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