‘BEIJING (Reuters) – The United States has plundered global wealth by exploiting the dollar’s dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday.
The front-page commentary in the overseas edition of the People’s Daily said that Asian and European countries should banish the U.S. dollar from their direct trade relations for a start, relying only on their own currencies.
A meeting between Asian and European leaders, starting on Friday in Beijing, presented the perfect opportunity to begin building a new international financial order, the newspaper said.”
This is huge, IMO. A, what do you think the chances are that dollar dumping (the kind that would devalue it by 50% or more) could occur in panic mode over a period of weeks, rather than a long, slow dumping over a period of months or years?
