Chinese Yuan added to IMF reserve currency list
The legs are quickly being kicked out from under the U.S. economy.
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As a European, I find it interesting to see how Americans assume that all your riches will go away once you are not anymore the sole dominating power of the world economy and the Dollar is not anymore the measure of all things.
ReplyDeleteOur currencies never have had this status, and yet we are no poorer than you are.
MIke - good point, except USA debt + unfunded liabilities generate a 1,000% debt to gdp ratio. Few come close to this. As the world's largest economy once the U.S. is no longer the world's reserve currency and no one wants to buy our worthless treasury bills, then the interest rate the U.S. will have to pay to get people to buy these IOU's will rise. Even a slight change in the rate will render the U.S. bankrupt. When the U.S. can't service the debt then this will trigger world wide collapse in the global economy. The whole debt ridden western world is hanging on by a thread. We're all in this together.
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