China wants to replace the US as world reserve currency --- Will that spell the end of the US?

Question

US President Barack Obama has publicly opposed Russia’s initiative for the first time during his presidency. Obama rejected Russia’s idea to replace the dollar with a new international currency

http://english.pravda.ru/world/americas/26-03-2009/107307-obama_anti_russian-0

 	 A UN panel of expert economists pressed Thursday for a new global currency reserve scheme to replace the volatile, dollar-based system and for coordinated steps by rich countries to stimulate their economies.

"A new Global Reserve System -- what may be viewed as a greatly expanded SDR (Special Drawing Rights), with regular or cyclically adjusted emissions calibrated to the size of reserve accumulations, could contribute to global stability, economic strength and global equity," the panel said
http://www.breitbart.com/article.php?id=CNG.18e9e5692442aa61d7510553b5ffc14e.8b1&show_article=1

A single monetary system may be the way to combat the worsening global financial crisis, says the Kazakh president.
http://www.expatica.com/fr/news/local_news/World-needs-single-currency_-Kazakh-President_50413.html

BEIJING (Reuters) - Threatened by a "financial tsunami," the world must consider building a financial order no longer dependent on the United States, a leading Chinese state newspaper said on Wednesday.
http://www.reuters.com/article/ousiv/idUSPEK4365020080917

China pushing to make Yuan world currency
http://timesofindia.indiatimes.com/articleshow/4335601.cms

ol white biker · Accepted Answer

Well when one considers that we owe them Ten Trillion, I can understand their reasoning.

oimwoomwio · Answer

I think that the US economy would absolutely collapse if its currency were to lose its current status.

I know that it was rumored that Saddamn Hussein had started taking Euros for his oil, when all petroleum sales since 1973 had been transacted in US dollars, and that that was a piece of the reason he was taken out.

If all of those dollars were to come home tomorrow, the results would be disastrous, as there is nothing backing them up but "the full faith and credit of the government of the United States".  Of course, a collapse of the US economy would not end painlessly for the rest of the world, so there is some collective incentive to avoid that eventuality.

still, it is something to ponder, isn't it?

Edward · Answer

The sooner that happens, the sooner the constitution can be restored which says only gold and silver coins can function as money. I don't blame the Chinese who must be aware now that the US cannot pay back the full value of all the money the Chinese have lent.

http://www.inflation.us/

Anonymous · Answer

Yes. This country will be a footnote in the history books.  It will be known for being nothing but a cash cow for foreign investors and military man power for ruling oligarchy interests.
It will be remembered by consumer products, Hollywood propaganda and pig criminals at every level feeding from the trough.

Morteza · Answer

here comes the other plan which says United States should declare another war to survive.

brutal · Answer

Sheer window dressing

Катя · Answer

If Obama supports that, I will stop supporting him. That's basically spitting on our sovereignty and constitution, no way will I be happy with that!

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China wants to replace the US as world reserve currency --- Will that spell the end of the US?

7 Answers