Iran to completely drop dollar from foreign exchange

(PressTV) – Iran’s Trade Promotion Organization has announced a near future plan to completely exclude the US dollar from the country’s foreign revenues and reserves.

Russia ready to abandon dollar in oil, gas trade with China

(RIANovosti) – Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings, Prime Minister Vladimir Putin said on Wednesday.

US Dollar Crashes Through Major Support Level

It is looking more and more like the current Administration has set on a course of deliberate destruction of the US Dollar and with it, the economic might that the US has enjoyed since post World War II.

MSM: Dollar loses reserve status to yen & euro

(NYPost) – Ben Bernanke’s dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency.

MSM: Dollar Reaches Breaking Point as Banks Shift Reserves

(Bloomberg) – Central banks flush with record reserves are increasingly snubbing dollars in favor of euros and yen, further pressuring the greenback after its biggest two- quarter rout in almost two decades.

Video: Peter Schiff Says Gold to Hit $5,000 an Ounce

(Fox) – October 8, 2009 – Euro Pacific Capital’s Peter Schiff weighs in on the future of gold prices.

China Has Already Walked Away from Derivatives Contracts

You’ve probably heard that China has threatened to walk away from certain commodity derivatives contracts.
As Reuters reported in August:

MSM: UN calls for new reserve currency

(Breitbart) – The United Nations called on Tuesday for a new global reserve currency to end dollar supremacy which has allowed the United States the “privilege” of building a huge trade deficit.

Towards a Global Currency? – Michel Chossudovsky

With a view to restoring financial stability, World leaders have called upon the Group of 20 countries (G-20) to instigate a new global currency based on the IMF’s  Special Drawing Rights (SDRs).

Jim Rogers Sells Dollars, Plans to Short Treasuries

(Bloomberg) – The dollar and U.S. Treasuries are both likely to slide as soaring government debt in the world’s biggest economy undermines confidence in its assets, according to Jim Rogers, chairman of Rogers Holdings.

U.S. Beats War Drum as Iran Dumps the Dollar

The seemingly ever escalating rhetoric against Iran by U.S. officials took another step forward today. A senior military official leaked to the press plans to publicly reveal the evidence of weapons caches found in Iraq which can be directly traced back to Iran.

Russia’s Central Bank says it will sell US treasuries and eyes IMF bonds

Russia’s Central Bank says it plans to cut reserves it holds in U.S. Treasuries and invest in International Monetary Fund bonds instead, a senior official said Wednesday.

How long can the Dollar Last as the World’s Reserve Currency?

The big question is how long can the dollar last as the world’s reserve currency? Needless to say, that is not an easy question to answer.

MSM: Dollar hits new multimonth low vs euro, pound, yen

(AP) – The dollar kept falling Friday, notching fresh multimonth lows against the euro, pound and yen as a warning that Britain’s debt level may result in its credit rating being cut ricocheted into worries about the massive U.S. deficit.

Russia Dumps US Dollar as basic reserve currency

The US dollar is not Russia’s basic reserve currency anymore. The euro-based share of reserve assets of Russia’s Central Bank increased to the level of 47.5 percent as of January 1, 2009 and exceeded the investments in dollar assets, which made up 41.5 percent, The Vedomosti newspaper wrote.

The Almighty Renminbi? – Nouriel Roubini

The 19th century was dominated by the British Empire, the 20th century by the United States. We may now be entering the Asian century, dominated by a rising China and its currency.

China has ‘canceled US credit card’: lawmaker

China, wary of the troubled US economy, has already “canceled America’s credit card” by cutting down purchases of debt, a US congressman said Thursday.

MSM: US backing for world currency stuns markets

US Treasury Secretary Tim Geithner shocked global markets by revealing that Washington is “quite open” to Chinese proposals for the gradual development of a global reserve currency run by the International Monetary Fund.

MSM: China calls for new reserve currency

China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.

MSM: Panasonic warns of $4.2 billion loss, to cut 15,000 jobs

TOKYO (Reuters) – Japan’s Panasonic Corp (6752.T), the world’s No.1 plasma TV maker warned it would post an annual loss of $4.2 billion and said it would cut 15,000 jobs and close plants as it battles a slump in demand and a stronger yen.