Dollar to Be 'Discarded' by World: China Rating AgencyBy: Ee Sing Wong
Aug. 07, 2011
Italian Prosecutor: Wiretaps Reveal NGOs Working With Human Smugglers to Flood Italy
Trump: "I'm a Nationalist and a Globalist"
French Mayor Found Guilty Of Incitement For Saying 91% Muslim Classrooms Are a 'Problem'
Red Bull Founder Starting New Conservative Media Outlet
Bill Nye Show: White People Need to Stop Using 'Asian Wallpaper,' Ruined Yoga With 'Their Lululemon Hands'
The man who leads one of China’s top rating agencies says the greenback’s status as the world’s reserve currency is set to wane as the world’s most powerful policy makers convene to examine the implication of S&P’s decision to strip the United States of its triple “A” rating.
In comments emailed to CNBC, Guan Jianzhong, chairman of Dagong Global Credit Rating, said the currency is “gradually discarded by the world,” and the “process will be irreversible.” [...]
“I think the most pressing issue facing the U.S. at the moment is to reflect on the crisis which happened in relation with the debt ceiling," Guan said. "They should get a clear understanding that the continuous decline of the debt service capability will inevitably result in the outbreak of a sovereign debt crisis.”