I have a dream: A new currency as the reserve currency for China, Japan and Russia. A new dollar backed up a "basket" of assets comprising oil, gold, basic materials and metals, and agriculturals.
As for the USD assets in the reserves, we will convert them into the new currency at a pegged rate to be confirmed! If USD collapses, that will do more good than harm to the US. They will become the most attractive shopping centre of the world and their exports will jump to the moon. They will be earning lots of money from foreign countries and they can restore the good old days again. The US will be saving money again, increasing real productivity and reverse their trade and budget deficits or imbalances. We can set up our factories in the US and move all the pollution problems there. We are going to issue new IOUs by using the New Reserve Currency and we can pay higher interest to attract foreign purchases.
Hey, this is but a dream only!
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