Some very worrisome news came out of China this Saturday — but it got a little more than a blip in the U.S. press. At a high-level financial conference this past weekend, China’s Premier Wen Jiabao said, “China would actively explore and expand the channels and methods for using [its] foreign exchange reserves.” Considering that the bulk of China’s reserves are in U.S. dollars, it should send tremors about the future of the greenback. The dollar has been reeling in recent years. A shift by China out of dollars — as Wen is hinting — could be catastrophic. China’s reserves...