As I mentioned in my first post, foreign governments are concerned about our debt. Now comes word that China, who holds a lot of our debt, is going to propose a new global reserve currency to replace the US dollar. If this happens it will be a disaster for the US. A large part of our world power derives not only from our superior military strength but from the fact that the dollar is the currency of the World. To have world monetary policy dictated by communist China could bring about the end of capitalism. How will President Obama react?
(http://www.ft.com/cms/s/0/7851925a-17a2-11de-8c9d-0000779fd2ac.html)
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