{"id":6861,"date":"2010-12-07T17:12:22","date_gmt":"2010-12-07T17:12:22","guid":{"rendered":""},"modified":"2010-12-07T17:12:22","modified_gmt":"2010-12-07T17:12:22","slug":"China-Russia--No-more-Dollars","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=6861","title":{"rendered":"China, Russia – No more Dollars"},"content":{"rendered":"

The U.S. dollar\u2019s status as the world\u2019s reserve currency, the standard currency used to pay off international debt and influence exchange rates, could be coming to an end. China and Russia announced Nov. 24 that they would cease using the dollar<\/strong> as their reserve currency and would instead use the ruble or yuan to settle bilateral debt.<\/p>\n

In addition, BusinessWeek reported that the two countries \u201chave called for the dollar\u2019s role in the financial system to be diluted.<\/strong> Volatility in major currencies is putting the global recovery at risk, Zhang Ping, the head of China\u2019s National Development and Reform Commission, has said.\u201d<\/p>\n

Portfolio.com reported that the move by Russia and China could be a response to the U.S. debt, which continues to grow, stating, \u201cSome fear that could be the result of the U.S.\u2019s massive deficit, now 8.9 percent of GDP. And there is fear that the Fed\u2019s latest plan to digitally \u2018print\u2019 $600 billion in money to stimulate the American economy will only accelerate that trend.<\/strong>\u201d<\/p>\n

Every country takes and takes from America, until the going gets tough, then it’s sayonara, baby. <\/strong><\/p>\n

And we’re going to start doing something about this, when?<\/p>\n

Scary!
\n<\/p>\n","protected":false},"excerpt":{"rendered":"

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