Will the Chinese Renminbi Replace the US Dollar as Reserve Currency ? ? The end of the dollar is inevitable, and already is happening, but it is a long process.
The primary strength of the US dollar is its circulation in international trade, which allows the US to print money without having anything to back up those bits of paper.
For that reason, the US has got really upset in the past when Iran and Iraq planned to start using euros to trade their oil in.
And in the latter case, fighting a war over it .that was what the war was really about.
Soon the value of China's foreign trade will exceed that of the US, and the BRICS countries have just signed a crucial financial collaboration agreement, so in the long term, the dollar will be replaced. All empires fall; let's hope this one goes peacefully.
Welcome to The Atlantis Report.
With all the sanctions the USA is imposing on allies and foes, he is irritating quite a lot of people who got to use the US dollar either as a trading currency or as a reserve currency.
Americans, in general, have no idea what it means in terms of personal benefits to having the dollar as the world’s “de facto” currency. The day they lose this benefit, there will be tears and grinding of teeth.
I cannot say the Yuan will replace the dollar, but annoying everybody and their mothers is a sure way of losing that position. Yuan? Maybe. Euro? Maybe.
A basket of currency? Maybe.
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