China and Russia say NO to U.S. Dollar's domination

Zhou Xiaochuan, governor of the People's Bank of China, has made a proposal that the U.S. dollar no longer be the world's standard currency:

"Moving to a reserve currency that belongs to no individual nation would make it easier for all nations to manage their economies better, he argued, because it would give the reserve-currency nations more freedom to shift monetary policy and exchange rates. It could also be the basis for a more equitable way of financing the IMF, Mr. Zhou added. China is among several nations under pressure to pony up extra cash to help the IMF." Source: Wall Street Journal

This should come as no surprise to the U.S., considering that our avoidable economic crisis has sent shockwaves throughout the world economy. The message is clear:

Dear United States,

We have no intention of continuing to foot the bill for your fiscal irresponsibility. However, we will continue to buy your debt as you scramble to say afloat. And one day when you come knocking for more money, the answer will be NO. At that point we will have no choice but to start the biggest fire sale in history.

Sincerely,

The People's Republic of China