This is a move which will undoubtedly decrease international demand for the Dollar, causing it to weaken. With the world's second and third largest economies abandoning it, we will feel the impact of this. How would America do if it were no longer subsidized by its trading partners? If it had to give as much as it got in trade, and could no longer just increase its largest export--debt?
China, Japan to Back Direct Trade of Currencies - Bloomberg:: www.bloomberg.com/news/2011-12-25/china-japan-to-p....html
http://chumly.com/n/ef834f
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