In The Same Week As Russia Outlawed The US Dollar, China Starts Dumping Its Dollar Reserves

 

The status of the US dollar as global reserve currency has kept the American economy afloat for several decades in spite of the US government’s vast debt and profligate public spending. Being the holder of the reserve currency has also given the USA an enormous advantage in trading with the rest of the world. It has looked for some time as if rival powers led by the Chinese were getting ready to topple the dollar from supremacy. Now the abandonment of the so – called Petrodollar, the convention that oil is traded in US dollars is hitting the American economy hard.

Read full post: China dumping US dollar reserves

 

Tags: america, currency, dollar, US