From The Telegraph:
The Chinese yuan is preparing to overtake the US dollar as the world's reserve currency, economist Nouriel Roubini has warned.
Professor Roubini, of New York University's Stern business school, believes that while such a major change is some way off, the Chinese government is laying the ground for the yuan's ascendance.
Known as "Dr Doom" for his negative stance, Prof Roubini argues that China is better placed than the US to provide a reserve currency for the 21st century because it has a large current account surplus, focused government and few of the economic worries the US faces.
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My Comment: The Chinese are clearly laying the ground work to be the dominant superpower by the middle of this century. A stable global currency will be one of the foundations to make this happen .... coupled with the expansion of its military.
Is the U.S. currency doomed? It is still too early to pass judgment. But if trends continue .... i.e. high deficits, more government, etc ..... the U.S. will experience the same fate as Britain .... a financial and military super power for 300 years whose currency and military strength is now just a fraction of what it once was.