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Sovereignty has everything to with China's and Brazil's say in the matter, they don't have one.
umm we owe china trillions of dollers they have a say since were deep in financial debt to them. even if we default what can they do we buy 90% of their cheap goods so they need us more then we need them.
The proverbial stuff will hit the fan in the US economy and lifestyle if the other world players decide to not use the US dollar as the world currency reserve. It's only been since after WWII that the US dollars has been the World Currency Reserve. There already have been meetings where China has called for the US dollar to be replaced by a world currency. Imagine having to pay for a barrel of oil in a new currency where the dollar is devaled by whatever the world leaders decide to establish as the dollar's value? Should the US keep borrowing money, we will surely find out.
They very well do have a say in the matter.. If they decide to stop buying our debt, we become bankrupt almost overnight..
Well it seems like the fed is devaluing the dollar(intentionally) and they are complaining, obviously their vote isn't worth very much.
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