H/T Drudge: Brazil and China will work towards using their own currencies in trade transactions rather than the US dollar.
No, we aren’t taking wheelbarrows full of cash to the grocery store yet, nor going on a daily payroll.
But when a country like Brazil sees it in their best interest to get away from the dollar for international trade, then US currency holders, including residents on US soil, have a very, very stern and pointed warning.
The rest of the world is not going to play Obama’s sillly and dangerous game. They have the freedom to protect themselves from assets that they expect to become ‘toxic’ and they are taking measures accordingly.
When a republic like Brazil is eschewing the dollar, you know we are in real trouble. And Obama wants to take us much further down the path of ensuring that we act like – and become – a true banana republic.
How long before we have to pay for our own imports in another currency like Euros or even… reis?