I your articles are always great, your knowledge is endless. I would almost trust everything you say. However, newspaper articles a in Italy talk of the end of the dollar and of this new world order that will be created by the BRIC. I find it hard to believe these Italian newspapers.
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Simply look a supply and demand. If half of the global debt, roughly $350 trillion, is denominated in USD, doesnt that generate huge demand for dollars. People have to have access to USD to repay the debt or refinance it. Either way, this one item alone means the USD isnt going to die.
Then you factor in derivatives. How much of that is USD. Foreign exchange derivatives, which total $16 trillion, more than $12 trillion are USD. That is a hedge against FOREX risk that companies utilize....$12 TRILLION USD.
By the way, the USD isnt even the reserve currency, it is the eurodollar. That system is far bigger than the Fed and dollar created through the domestic monetary supply.
Thank you for this answer and for this clarification
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