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Is the Yuan About to Replace the Dollar as the World's Reserve Currency?

TheSlaondog Wrote: Nov 06, 2012 12:48 PM
Ronald Wilson Reagan said we shouldn't negotiate with hostage takers. In fact, he did. Remember the Iran-Contra fiasco? He traded arms to Iran for the release of hostages. Iran got some F-5 parts and TOW missiles and then told their fellow Shia buddies in Lebanon to grab some more hostages. Reagan then arranged for more arm shipments to Iran. This was utter lunacy! And that cycle repeated again, and again and again. Reagan evidently thought the massive "Commie" base in Nicaragua was a bigger strategery threat than the Islamic Republic of Iran.
TheSlaondog Wrote: Nov 06, 2012 12:49 PM
Card-carrying Republicans will often respond with "at least Ronald Reagan's heart was in the right place!"

My only thought is "so was Neville Chamberlain's when he returned to England from Munich waving a piece of paper in his hand."

Once again we are seeing articles and research papers stating the Chinese renminbi (yuan) is about to replace the dollar as the global reserve currency.

Here is a working paper by Arvind Subramanian and Martin Kessler at the Peterson Institute of International Economics stating The Renminbi Bloc is Here: Asia Down, Rest of the World to Go?.

A country’s rise to economic dominance tends to be accompanied by its currency becoming a reference point, with other currencies...
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