BBC NEWS | Business | China suggests switch from dollar

Interesting. China wants to replace the US dollar with IMF issued Special Drawing Rights which are based on a basket of currencies (USD, EUR, GBP, JPY). 1 SDR currently equals 63 US cent + 41 Euro cent + 18 Yen and 9 UK pence.

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NAMA: Mortgaging our future to pay for the past.

Or maybe they could freely float the Renminbi and agree to buy debt in that...

Seriously, as long as they have an artificially valued currency, they shouldn't be allowed any input into a decision like that.

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My political compass
Economic Left/Right: 0.75
Social Libertarian/Authoritarian: -6.36

I must imagine that the Chinese are looking at their dollar holdings, and feeling very aggrieved with Washington.How far will their 2 trillion dollars in assets decline, is any ones guess, that is the problem with printing money, no one really knows how much is too much, so we could see rampant inflation hit America this year. The Dollar is a high risk currency at the moment.

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Fianna Fáil
The Land agents party.

I gave up predicting rates when the dollar went from 1.6 to 1.2 euro. I still have no idea why.

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NAMA: Mortgaging our future to pay for the past.

Absolutely agree

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Economic Left/Right: -0.25
Social Libertarian/Authoritarian: -2.97

In 2009
Economic Left/Right: -2.12
Social Libertarian/Authoritarian: -4.26

They have $2,000,000,000,000 on deposit. While they hold onto that the US dollar isn't free-floating. They float it.

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NAMA: Mortgaging our future to pay for the past.

Similar thread here.

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if that happens america will be properly bankrupt(not just paper bankrupt) and we reallky will have a crisis of capitalism

Hmmm..

A bunch of communists suggest a global shared single currency standard? Of course they would - besides being commies, they could buy as much SDR currency as possible as they are so big, we would all become a vassal state of the Peoples republic of Earth, run from China.


Looks like the collapsing market for cheap goods is becoming more apparent for them.

What next? One global police force?

Maybe, maybe not. SDR is 44% based on the US dollar anyway.

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NAMA: Mortgaging our future to pay for the past.