Upset that the fiscal stalemate in Washington is threatening the global economy, China has called for the U.S. dollar to be replaced as the international reserve currency as well as for broader steps to create a de-Americanized world. China also called for an end to the pernicious impasse in the U.S. over the raising the debt limit and ending the partial government shutdown, saying the world needed another reserve currency so nations could protect themselves from the spillover of the intensifying domestic political turmoil in the United States. China has been saying stuff like this for a long time, so in a sense this isnt a big deal. But as the mess in Washington drags on, more and more countries are going to be taking this idea more seriously. Im generally bullish on Americas future relative to other areas of the world, but that could change if dysfunctional governance forces the rest of the world to essentially gang up against us for their own safety. Thanks, Republicans!
Posted on: Tue, 15 Oct 2013 02:56:29 +0000
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