Chipping at the Greenback

One by one, slowly but steadily, countries are starting to negotiate to trade with China using the Renminbi or Yuan and their national currencies. The Indonesians have started the ball rolling and soon more Asean states would do likewise. Why would they want to use the Greenback that is losing its value rapidly with the Americans happily printing them to consume more and getting more into debt?
 
The latest American crisis and the threat of a debt default is very real and it is only a matter of time even if they could kick the can further down the road. The British have also signed a new agreement to be the centre of Yuan Pound swap in London. It is going to make London the biggest financial centre to trade the Yuan.
 
With this move by London, knowing how strategic the Brits are in their thinking, more European countries would not want to lose out. And this also applies to New York. There is no stopping for Yuan to be used more widely as an international currency. And the victim to this development is none other than the Greenback.
 
Countries holding on to huge American Treasury bonds are sweating in their pants with the Greenback shrinking in value like melting ice in the summer heat. The Americans are not helping either. They could not as they are deep in the shit and wanted to print more to reduce their foreign debt.
 
An avalanche is waiting to happen with the Greenback turning into banana currency very real. The confidence of the Greenback is being eroded daily and all the holders must be planning on how to get out, how to get rid of the Greenback at the earliest sign of trouble or opportunity to do so.
 
The Americans have killed two Arab leaders that were trying to scuttle the Greenback supremacy and a third one in Assad temporarily delayed. They could not be culling the British PM or other European leaders for wanting to cut down on the use of the Greenback.
 
Don’t worry, the Americans have worked it all out. It is time for another pow wow at Bretton Woods. And the Greenback would have a few zeros sliced off its back and buried for good at Arlington with the American flag wrapped around it. So would the holders of American Treasury bonds.