A Pivotal Moment

It may not be exactly what President Obama had in mind when he talked about a pivot to Asia, but feature the latest news in respect of the dollar. According to a dispatch from the London Financial Times, the communist Chinese currency known as the renminbi is “rapidly displacing” the American dollar as a trading currency — not only in Asia and Europe, the FT notes, but also here at home in America. It’s a marker of America’s decline in the age of fiat money.

The value of renminbi payments between America and the rest of the world, the Financial Times reports, rose by 327 percent in April as compared to the year-earlier month. The FT is quoting numbers from the settlement firm known as the Society for Worldwide Interbank Financial Telecommunication. The newspaper quotes an officer of Hongkong and Shanghai Banking Corporation in New York, Debra Lodge, as predicting that the share of Communist China’s trade settled in renminbi will more than double to 30% by the end of next year.

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