Posted 30 May 2012 - 08:51 PM
Dinar'osauraus...Thanks for the news! I think many of us were expecting this to happen. It was only a matter of time. This means that Japan has joined the chorus of Bric nations that have abandoned the US dollar as the world reserve currency.
The way I understand how it worked before was that any nation that wanted to buy something from another country, had to purchase US dollars on the open market and effect the exchange with those dollars. This status that was enjoyed by the US dollar, as world reserve currency was probably partially responsable for creating an artificial demand for the dollar that would not otherwise have existed. This demand helped to maintain the value of the dollar higher than it would have been otherwise given the fact that our nation has been de-industrialized by the Elite in an effort to maximize their profits, through what they are calling "globalization" This is basically a euphamism, like many that they use, that means...we are taking your work away and sending it to be done by someone who works cheaper, and does not need benefits.
The list of nations that refuse to deal in US dollars has grown during the last six or so months to culminate in this last round between Japan and China. To me, this is a significant move, especially since we are talking about what used to be our second and third largest trading partners in the world, beside Europe. It seems the dollar continues under attack from all sides, underatndably so, considering the reason...The Bric nations said that they were tired of trading their products for a dollar that continued to loose value. Although I think they are not telling the whole story and what they want to do is to break the dollar and bring down the unscrupulous Banksters that run our government.
Personally, I wish them all the luck in the world. Our country will suffer from the outcome of the collapse of the dollar, but, their is a good chance we will rid ourselves of the Banksters once and for all! The long term effects will outway the interim effects. Carlos