WSJ.com: "BEIJING -- China called for the creation of
a new currency to eventually replace the dollar as the world's standard,
proposing a sweeping overhaul of global finance that reflects developing
nations' growing unhappiness with the U.S. role in the world economy.
unusual proposal, made by central bank governor Zhou Xiaochuan in an essay
released Monday in Beijing, is part of China's increasingly assertive approach
to shaping the global response to the financial crisis."
Monday, March 23, 2009
Uh oh. This is not good. If the U.S. dollar loses its place as the world's standard currency for international trade, it will be a major blow to our economy and our standard of living.
Posted by The Sarcastic Cynic at 10:21 PM