China has us by the balls. We best be nice. China could cause worldwide chaos if they start dumping out bonds.
Please see my tag. Now that the “debt crisis is over” (yeah, right) I’m back to reserve currency.
I do think over the next few years, an agreement will be made to start returning world currencies to a asset-based standard using gold, silver, platinum, palladium and even possibly copper and nickel, the most commonly-used metals for coins and bullion bars used in monetary trade in the past.