Australia to Abandon the U.S. Dollar (Obama, March, dollars)

[All American NYC]

Australia’s announcement that it is abandoning the U.S. dollar for trade with China is the latest broadside in the global currency war. Starting April 10, Australia and China will no longer use the U.S. dollar for trade between the two nations. For the first time, Australian businesses will be able to conduct trade in Chinese yuan. No more need for U.S. dollar intermediation. This is a significant announcement and key development for China as it continues its campaign to internationalize the yuan and chip away at the dollar’s role as the world’s reserve currency.

Obama's deficit spending will have an end when other nations get on board.

[Jolly Green Giant]

Originally Posted by All American NYC

Obama's deficit spending will have an end when other nations get on board.

It's Australia, not the US

[GregW]

So China is accepting Austrailia's currency and Austrailia is accepting China's currency. This is certainly the end of the world. Right? Why?

[tallrick]

Please world, dump the dollar now so we can get our country back!

[All American NYC]

Originally Posted by Jolly Green Giant

It's Australia, not the US

They used to finance our debt by holding our dollars.

[KUchief25]

China marching on to be the new worlds reserve currency. Interesting times ahead. War drums on the horizon.

[pknopp]

This isn't good for the U.S. but it seems to be the only way we will be able to get the Fed to stop it's damaging policies.

[shooting4life]

Originally Posted by pknopp

This isn't good for the U.S. but it seems to be the only way we will be able to get the Fed to stop it's damaging policies.

The dollar will soon become fiat currency.

[HappyTexan]

Wow..China got a big one this time.

That makes what..8 countries going off the USD now.

[HappyTexan]

Originally Posted by KUchief25

China marching on to be the new worlds reserve currency. Interesting times ahead. War drums on the horizon.

War won't solve this problem KUchief25.
It's bigger than just trying to keep the petrodollar alive which is what we've been doing in the ME.