This is now a trend

[jim4silver]

I have posted before about countries making pacts with China to have currency convertibility (meaning no US dollar involvement anymore). Many of the BRIC countries and Japan are doing this already. Now we have Australia and New Zealand getting in on the act. There are probably even more countries than I have named doing this as well.

Over time this will have an negative impact on the dollar in my opinion which should be PM positive.

New Zealand, China in Talks on Convertibility of Currencies - WSJ.com


PS The second article was posted on Drudge today and talks about the dollar dying. Kind of interesting to me to see such an article posted on what I consider a mainstream site (I mean mainstream in a good way in that it gets tons of hits each day). Wonder how many will click on it and read it there?

http://realcurrencies.wordpress.com/2013/04/07/the-dying-dollar/


Jim

 

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[Phanntom]

I've been following this and find it very troublesome. Most knew that the dollar was doomed as the reserve currency for the future because of all the developing nations. The rest of the world pays more for almost everything than we do because the dollar has been the settlement currency. This is one of the reasons we've enjoyed so much prosperity. In the 1970's when we couldn't pay our debt we worked out an agreement with the Saudi's that if they would only price oil in dollars, we'd provide them with modern weaponry and defend them. Now they're nervous about the way we're stripping the dollar of its value and they're under pressure from the other OPEC countries to use a marketbasket of currencies to price oil. Hugo Chavez started by selling oil to China in Yuan. This shift from the dollar was expected to take up to 15 yrs, now they feel it might happen in as little as 10 to 24 MONTHS. It certainly bears watching....

 

[Marchas45]

Jim I believe it eventually will be a New World Order currency after the anger faze when people will be ready to accept it. Time will only tell. Keep Stacking

 

[Stymie]

The worlds sea lanes are patroled by the USN.
No oil will flow without 11 or so CBG the USA has.
The rest of the world has zero.
You need oil, you need dollars.
Wall Street will feast on the first gold backed currency from China.
USA is still #1 by a wide margin in a host of fields.
Except hockey.