Nathan Gardels: The Coming Demise of the Dollar Reflects the Rise of the Rest: "
One of the more momentous power shifts in the last 500 years is taking place as we sift through the debris of America's busted credit bubble. The dominance of the West built up across those centuries is now yielding to the East. The latest sign of this shift is that those nations with surplus savings earned through our over-consumption of imports -- in particular China -- are proposing a new global reserve currency to replace the waning dollar. In order to protect their accumulated assets and diversify their risk they want to store their wealth in a basket of currencies instead.
"(Via Huffington Blog.)
