7 countries considering abandoning the us doll, page-8

Go chinese, be stupid and dump the US dollar. They are not crazy enough to do this as they would be losing billions on the value of thier reserves if the US dollar drops. Who in the world has a trillion US dollar equivalent to buy it off the chinese. Europe:No currency is too strong to be competitive, Japanese: No holding too much US dollars already, OPEC nations: NO, thier oil contracts are written in US dollars so any devaluation will reduce thier export value to the world.
The US and china have got each other by the balls, one can't squeeze without hurting his own economy. Try this senario out, US dollar plunges, US exports become 20% cheaper, US does not import as much because thier dollar buys less. Chinese goods become 20% more expensive because thier currency is worth more relative to the US dollar, demand is less for crappy chinese goods, factories remain idle, demand for resources reduces, Australia gets screwed because we won't have a booming resources market and our manufacturing is practically non-existent so no export boom.