Via Financial Times
"Hope-n-Change" trillion dollar deficits do have consequences as Beijing has now joined the Kremlin pushing for a new global currency to replace the US Dollar as the international reserve currency.
In December I wrote here that China continues to finance our deficits and is the largest holder of U.S. debt securities.
What happens if China now demands that the United States as a condition to future financing of our deficits, that we must join them collectively to establish a new world global currency?
