The Beginning Of The End For The US Dollar?
Written on Nov 24th, 2010
I’m really surprised I didn’t read more about this today, but I imagine in the coming days more people will have something to say about it. China and Russia announced today that they would only be trading in their respective local currencies for trade between their own countries and abandoning trade settlement with the US dollar. This is big news. Ever since the abandonment of the gold standard, all international trades have historically been settled using the US dollar. This coveted position is known as the US Dollar’s Reserve Currency status, and it effectively gives protections for the United States […]