[quote=BGinRB]What is being discussed is not a new currency as a replacement for $US within this country, but a less volatile unit of measure for international trade.
Instead of having one barrel of oil valued at $US52 we will have a barrel of oil valued at WCU33, where WCU (World Currency Unit) is a function of several currencies. The idea is to limit the ability of the US to tax world wide populous at will.
It is natural for the rest of the world to try to shield off from consequences of O’s policies the same way we try to reduce/remove the foreign oil dependency, no?
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It is completely irrelevant whether oil is valued in dollars, WCUs, or South African rands. The currency in question would be purchased by the buyer of oil on the forex market, transferred to the seller, and immediately sold on the same forex market. It has nothing to do with “limiting the ability of the US to tax world wide populous” or “shielding off from consequences of O’s policies”. If China does not want to keep its reserves in dollars, they are free to diversify into euros and anything else they want. No need to create some artificial currency for that.
