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Ridiculous, of course, but they are playing the ignorance of our leadership for all its worth. They know we don’t know it’s a bluff, and they have us on the defensive.
That’s what happens with leadership that doesn’t understand its own monetary system, and that we don’t need them or anyone else as buyers of our securities to fund our expenditures.
by Jamil Anderlini
Mar 23 (FT) — ChinaÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.
In an essay posted on the PeopleÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s Bank of ChinaÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s website, Zhou Xiaochuan, the central bankÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s governor, said the goal would be to create a reserve currency ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œthat is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currenciesÃƒÂ¢Ã¢â€šÂ¬Ã‚Â.