Chinese President Says Dollar as Global Currency a Thing of the Past

Katie Pavlich | January 17, 2011 10:15 AM

According to the Wall Street Journal, Chinese President and leader of the Communist Party Hu Jintao has called the U.S. dollar functioning as the global currency a "product of the past" and is encouraging the global community to move toward the Chinese yuan for international investment.

Considering the U.S. owes over $1 trillion in debt to China, this is a very bad sign. Throw in George Soros, a man responsible for bringing down four major currencies around the world including the British sterling and the Russian ruble, the situation gets even more scary.