The End of the Dollar System

January 18, 2011  •  From
The dollar reserve currency system is a “product of the past”—but what will emerge to replace it?

This week Chinese President Hu Jintao is being wined and dined with a lavish state banquet at the White House and other official ceremonies usually reserved for America’s closest friends and allies. Why all the pomp and circumstance? One must be very polite when entertaining your banker—even if you don’t like him and he doesn’t like you.

Yet there is another more ominous but closely related reason Washington is rolling out the red carpet for China.

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