pog, page-132

Skol here is some more of Schiffs fantasy coming ture.

"CBO director Douglas Elmendorf and other panelists at a conference on Capitol Hill were asked Tuesday how detrimental a shift away from the dollar as the international reserve currency would be to the U.S. economy.

Elmendorf replied by saying the U.S. benefits “tremendously” from being the country that people from around the world send their capital to. It’s hard to say how much room there is before the U.S. would lose that distinction, he added."

and out on the same day

"The use of the Chinese yuan in trade finance has surged this year, propelling the currency past the euro and Japanese yen in October to become the second-most used currency in trade finance"