Obama's Former Chief Economist Calls For An End To US Dollar Reserve Status

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Obama's Former Chief Economist Calls For An End To US Dollar Reserve Status
Article: http://www.zerohedge.com/news/2014-09-08/obamas-former-chief-economist-calls-end-us-dollar-reserve-status


Question:
In order for the US Dollar to lose its reserve status then it would need to be replaced by some other world reserve currency right?  If this is true then what will be the new world reserve currency and who will control it?  Or could Bitcoin or something like it become the new Reserve Currency?

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[lyth0s]

"To get the American economy on track, the government needs to drop its commitment to maintaining the dollar’s reserve-currency status"

"Note that as long as the dollar is the reserve currency, America’s trade deficit can worsen even when we’re not directly in on the trade"

To be honest, as we decline as the world reserve currency that will actually lead to further devaluation of the USD. We depend on other countries needing to buy up USD in order to conduct their business (IE Oil trade). Without them needing to conduct business in USD there will be no one left to soak up all of the USD that are being printed. This is why BRICS is such a threat to the USA. All of those USD for sell back to america will create crazy inflation and we will be in big trouble.

[Bitcoin Machine]

This is why BRICS is such a threat to the USA. All of those USD for sell back to America will create crazy inflation and we will be in big trouble.

These are crazy times we are living in. Isn't the sell back to America eventually inevitable?  This is the a very important question.  Is China strategically preparing to Dump US Treasury Bonds?

BRICS has created their own World Bank called the New Development Bank (NDB) and is headquartered in Shanghai, China. It is scheduled to start lending in 2016. 

BRICS represents over 25 percent of the world’s land, about 40 percent of the world’s population and about 17 percent of the world economy  as well as 50 percent of the world’s growth in GDP over the past 10 years. BRICS combined 2014 GDP ($10,971.6 trillion) is nearly that of the US ($14,657.8 trillion) and the EU ($16,282.2 trillion) and is expected to surpass the combined US and EU GDP by 2020.
http://www.washingtontimes.com/news/2014/jul/22/fedewa-brics-vs-dollar-latest-challenges/#ixzz3Cn4zSzfp