Brazil and China will work towards using their own currencies in trade transactions rather than the US dollar, according to Brazil’s central bank and aides to Luiz Inácio Lula da Silva, Brazil’s president.
The move follows recent Chinese challenges to the status of the dollar as the world’s leading international currency.
You know your currency is in trouble when Brazil turns its nose up at it.
Is this the change we were looking for?
We are rapidly approaching the point where even Americans will realize the dollar is not worth the paper it is printed on. The great inflation is coming. Buy gold.
There may be reasons other than economic ones for this move. Time will tell whether smacking down the American market is worth it.