Countries that have a lot of US dollars in their treasury have been taking a beating as the dollar has fallen. It is not surprising that some are seriously thinking that the dollar should be replaced.
The key phrase in the quote below is basket of currencies. A weighted basket would take much of the risk out of reserve currencies. At least that is, I believe, the idea. I do not know what this would do to interest rates here. We owe a whole bunch of money around the world and especially to China. To me this is a troubling position to be in.
The wholesale printing of cash in the spring of 1929 led to a big event in October of that year...maybe we've read about it...ruined a lot of lives.
One world currency ideas have been around since the Treaty of Versailles. I don't know how real it is. We'd probably end up with a Star Wars thing Imperial money verse rebel money...like the Civil War. ;)
No one remembers whom Jesus ranted the loudest against? maybe the money changers? What did the money changers do for a living? They traded in a basket of currencies. One world currency =
end of the money traders. All you reconstructionists and true Bible believers out there, would you be happy if the new currency was named "shekel?" Would that not be "Biblical?"
I have a better idea.
I am openly calling for the creation of a giant penal colony on Tazmania to replace the building that now houses United Nations.
The present building in NY could be better used as a giant WalMart.
My point is that the dollar should be replaced as the world reserve currency. The only reason it hasn't been is that China and other countries will probably wait until most of the US Treasury paper they hold has been redeemed. China can't trash the dollar without losing much of the $Trillion in US paper they hold.