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China, Russia quit US dollar
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yesman



Joined: 15 Sep 2006
PostPosted: Mon Nov 29, 2010 8:53 am    Post subject: Reply with quote
mises wrote:
Diminishes demand for dollars. The USD is indirectly backed by demand for oil. Demand for oil = demand for dollars. This allows the US to spend more than the economy produces without the inflationary impact of additional currency circulating.


Bingo.

And I wonder how many more rounds of the Fed's QE the rest of the world is willing to put up with.

I recently saw this video and thought it was a rather scary and plausible speculation of the future.
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