The West, America in particular, has been pressuring China for years to revalue the yuan. If the following reports are correct, it seems the US may have lost the fight.
During elections, U.S. politicians often used this issue with China as a scapegoat for lost jobs without mentioning that more jobs have gone to Canada and Mexico since NAFTA was signed.
In fact, I seldom hear or read in the major media about the estimated 11 million jobs that have gone to illegal aliens working in the U.S.
Now, the Wall Street Journal reports that Turkey joined China to shun the U.S. dollar in conducting trade that is expected to grow to $50 billion within five years and $100 billion by 2020.
Another potential blow to the U.S. dollar’s global dominance was reported by Bloomberg Business Week.
Bloomberg says that the BRIC (Brazil, Russia, India and China) will put up a “strong resistance” to currency controls at the annual meeting of the International Monetary Fund and World Bank in Washington.
The 24-7 Christian News.com says that the U.S. Dollar will no longer be the global currency predicting that the world is going to detach from the US economy in the near future. “China, Russia, Japan and France, several Middle East Arab states have taken the initiative to detach oil from the US Dollar.”
Instead, these countries plan to trade in a currency basket consisting of Japanese Yen, Chinese Yuan, the Euro, etc.
Then Goldman Sachs predicts a sharp slump in the US dollar’s value against other major currencies. Source: Credit Write Downs.com
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Lloyd Lofthouse is the award-winning author of the concubine saga, My Splendid Concubine & Our Hart. When you love a Chinese woman, you marry her family and culture too.
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