President Barack Obama Message Board

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Politics : President Barack Obama

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To: John Vosilla who wrote (132468)	3/29/2013 3:34:38 PM
From: RetiredNow	Read Replies (1) of 149317

Ouch. I don't want to imagine that. The good news, if you can call it that, is that Japan will lead the pack. So if Japan has a currency crisis, then I'm hoping that will wake Americans up to the unbelievable risks we're taking with endless QE. BTW, did you see the BRICs are setting up their own bank to circumvent the World Bank and IMF? More and more bilateral trade in emerging markets is being done in currencies other than the dollar. Not many people pay attention to that, but I do. We're losing our reserve status rapidly. I think we may see two things happen within the next 10-12 years: 1) China or the BRICs jointly announce that they are backing their currencies with gold, 2) the dollar dips below the Yuan in terms of total world wide trade transacted in those currencies...in other words, the USD loses its reserve currency status.

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