Zakaria: we may have already lost our reserve status for the US dollar

[flamingdem]

on CNN just now.

We are screwed, it's an excuse to push for other reserve currencies which will tank the dollar.

edit: We will lose favorable interest rates. Don't they realize other countries are competing for the priveledges that the US dollar enjoys? This will be brutal for our financial futures..

THANKS TEAPARTY!

[dipsydoodle]

1. Australian Dollar

has already been mentioned in that respect with regard to forming a basket. I guess some kind of plans are afoot. If a basket of currencies were to be used that could have an effect on the USA's ability to print money unabated and in an extreme case even end use of the petrodollar recycling program.

[flamingdem]

2. Exactly. And we won't know what hit us

The fallout is unpredictable and will be broad.

[banned from Kos]

3. How much Aussie Dollar is out there? USD has about $1.8 trillion in M1

that is small for our economy.

Can't imagine Aussie $ to be robust enough for reserve status. That is why a basket is the only alternative.