.
This, my friends, is not George Bush's fault.
The suggestion by China to remove the dollar as the world's reserve currency and replace it with an internationally regulated system by the IMF is a direct result of the trillions spent by the Obama Administration so far and the promise of more.
Essentially, the Chinese believe that they will be repaid by the US in devalued currency - a result of what most analysts believe will be unavoidable inflation that will start up once our economy gets moving again.
By removing the dollar as the major reserve currency for governments, it will be harder to finance our debt. And, as the Chinese fear, the US would get to repay its obligations in inflated currency which would make it easier to reduce the $11 trillion national debt we will have by 2012.
Or perhaps, as has happened in other countries, we will wake up one morning and the government will announce all dollars will have to be exchanged for the "new dollar" - at 92 cents on the dollar or whatever amount is deemed necessary...
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