China Calls for New Reserve Currency
In time, everyone will be calling for a more international approach to pricing everyting, including commodities, goods and services and maybe even US securities.
This doesn’t bode well, of course, for the world’s largest printing press and the state of borrowing in the US.
Potential outcomes: a big drop in the value of the US currency on the global stage, a big rise in international prices and a huge hike in interest rates in the US in order to keep attracting lenders.
In other words, the world is going to have to pay for the American economic sins.