Historic shift away from the US Dollar

The US Dollar has enjoyed an uninterrupted run as the world's reserve currency since 1945.

According to the Congressional Research Reports for the People, The Dollar's Future as the World's Reserve Currency: The Challenge of the Euro, July 10, 2007:

There are significant advantages for the United States in having the dominant reserve currency. These advantages include reduced exchange rate risk and lower borrowing costs.

Another benefit is that the Federal Reserve Bank, the US central bank, can print currency when it believes it needs to, normally with impunity--because of its status as the world's reserve currency. However, the rest of the world is becoming increasingly concerned due to the Fed's profligate printing of dollars. China, Russia, and India have threatened to trade without using the dollar as a medium of eschange. Today, those threats became a reality.

This is a historic event, but lightly-covered by the media. It's the beginning of the end for the US Dollar as the dominant currency. It signals a shift away from the dollar, as the world's economic balance of power has shifted to the Far East. This will have far-reaching implications of US dominance as an economic power, its sovereignty, national security, status as a military power, and the standard of living of its citizens.

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