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Dollar Crisis: Is China really abandoning dollar for euro ?

  • World’s top super model Gisele Bündchen , announced that now she prefers to be paid in euros rather than dollars. Almost simultaneously, the Chinese central bank predicted that the dollar is likely to lose its status as the world’s leading currency.
  • The most important country in the world for the United States isn’t Great Britain, Germany, Saudi Arabia, Russia or Iraq, it is China.
  • The Americans receive shipments of Chinese-made television sets, toys and underwear which amounts to about $5 billion every week. The central bank in Beijing already holds currency reserves of $1.4 trillion.
  • With the rise of the Asian economies — Japan, then China and now India, US economy has suffered one dramatic setback after another.
  • The United States, a once-proud exporting nation, became the world’s biggest importer. In only 15 years, from 1992 to 2007, the US balance of trade deficit has surged from $84 billion to $700 billion.
  • Within a single generation, the world’s biggest lender US has become its biggest borrower.
  • What is the difference between the US government in 1941( Pearl Harbor attack ) and the administration in Washington today? Perhaps there is none.

read the full story at BW

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