Sept 11, 2012.
This will impact our economy worse that the 9/11 attacks. Seriously
Once the US dollar is no longer the currency used to trade in fungibles like oil, then it's primacy begins to fade. If another currency becomes the standard for such trades, We. Are. Screwed.
We are headed to a place where the dollar will be worth less every day, like the Italian Lira or the Zimbabwean dollar.
Can you blame anyone for not wanting to hold or trade in dollars anymore? "Quantatative Easing" has devalued it significantly in such a sort time. Deficit spending has done even more.
This is, I fear, the death knell for the US dollar. And by extension, for the US economy.
This was the last of the glue holding it together. It does surprise me that China would devalue their investment.
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