Chinese President Hu Jintao emphasized the need for cooperation with the U.S. in areas from new energy to space ahead of his visit to Washington this week, but he called the present U.S. dollar-dominated currency system a "product of the past" and highlighted moves to turn the yuan into a global currency.
I have heard predictions that the dollar is doomed since the 1980's, but what are you going to replace it with? The Euro, which has its own issues, the Chinese yuan, which is pegged to the dollar, and some of the financial numbers from China are suspect at best. The Japanese Yen? It might be the best choice but the nation is trying to devalue the Yen too.
Little known fact, 80% of the US currency in use is used overseas because people don't trust their own currency.
Thomas Sowell: There are no solutions, just trade-offs.
