If one has any doubt about change then appreciate that the Yuan is the 2nd largest currency in trade settlement ahead of the Euro and jumps now behind the dollar according to Swift.
Have no doubt, with them establishing development banks and the like, the whole game has now changed. We only have to wait for time to reflect the changes we are already aware of. And in so doing, watch the standard of living in North America decline. That means Tank! Waaahh! Soothers fast.
By Tyler Durden
27 June 2014
Submitted by Simon Black of Sovereign Man blog,
“Whoever is winning at the moment will always seem to be invincible.”– George Orwell
Wise words indeed as they aptly describe misguided confidence in the US dollar.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT), which helps manage the global banking system, tells us that US dollar settlement accounts for the vast majority of global trade.
And as Orwell suggests, many people take it for granted that just because the dollar is in the lead today, it will be that way forever.
They couldn’t be more wrong. There’s been a dominant reserve currency for thousands of years.
The Byzantine Empire’s gold solidus was the world standard for centuries; when they hit the reset button in the 11th century, it became the gold hyperpyron.
Eventually this was abandoned for Venetian ducats. Soon Spain’s silver pieces of eight became the dominant reserve standard to the point they were still legal tender in the United States until 1857.
By the 1860s, the British pound sterling was the world’s primary reserve currency, and over 60% of world trade was settled in pounds.
Reserve currencies come and go. So will the dollar. This is nothing new.