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OpEdNews Op Eds    H3'ed 2/4/12

The Beginning of the End for the U.S. Dollar as the World Reserve Currency

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Dark times lie ahead for the U.S. dollar as its future as the world's reserve currency looks to be in great jeopardy. For more than 50 years the U.S. dollar has been the chief monetary instrument used by the nations of the world to facilitate trade involving commodities such as petroleum, manufactured products, and gold. But the times are changing and many of these nations, with China at the forefront, are finalizing trade agreements that utilize only their own currencies.

 

So it appears that the reign of the U.S. dollar as the world's reserve currency will, quite likely, be coming to an end within the next ten years. It is certainly no surprise that China, widely considered to be the premier economic power of the future, is wasting no time in exerting its growing power and influence in these matters. China is actively working with nations in Asia, the Middle East and other regions of the world to bring dramatic changes to the way world commerce is conducted and money is exchanged.

 

Many of these countries who are moving away from the dollar no longer view America as a stable and reliable force on the world economic stage and they are seeking alternatives as a hedge against a severe future decline in the dollar's value.

 

That China is the main facilitator of these moves to do away with the dollar is without question; the evidence is everywhere. Here are some specific examples of the various agreements that have been between China and other nations in recent times:

 

*China and Iran are creating a barter system by which Iranian oil will be exchanged for Chinese imported products. This is, quite obviously, an agreement designed to counter U.S. sanctions against Iran since China has no intention of discontinuing the importation of Iranian oil. Besides the barter system the two countries will also conduct trade using the Chinese yuan, the Iranian rial and gold.

 

*China and Japan announced plans to bypass the dollar and use their own currencies in their trade relations. Discussions involving a partnership between South Korea and China to exchange their currencies also have taken place. This is a huge development as China, Japan and South Korea are the dominant economic powers in that Asian region.

 

*China and Russia have, for more than a year, been conducting trade using rubles and the yuan.

 

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Michael Payne is an independent, progressive activist. His writings deal with social, economic, political and foreign policy issues. He is a featured writer on OpEdNews and Nation of Change and his articles have appeared on many other websites (more...)
 

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