China Soon to Create Global Currency Aimed at Replacing Dollar?

"?The boldness of these moves implies a sense of urgency by the Chinese. We believe that action will be seen on this front soon and suddenly.? Julian Philips on an event (by the Chinese or otherwise, and soon or not) that will be devastating to Americans and others dependent on U.S. dollars. As Voltaire observed in 1729: ?Paper money eventually returns to its intrinsic value - zero.? The dollar has been losing value since 1913 (thanks, Federal Reserve!). With gold at $937.70 per ounce as this is written, today's $1,000 has lost $45,885 in purchasing power versus the $20/oz gold standard in place for most of American history (50 x $20 = $1,000, and 50 x $937.70 = $46,885)."