More steps to end the U.S. Dollar's reign as world's reserve currency

I watched a video a few months ago that made me fear for the future, and today I saw two news stories that show that Porter Stansberry's predictions are coming true.

http://www.ibtimes.com/articles/117991/20110302/china-yuan-trade-reserve-currency.htm
"China to allow all trades to settle in yuan, encourages use as reserve currency"
International Business Times,  March 2, 2011

http://www.reuters.com/article/2011/03/02/china-economy-yuan-idUSBJA00246420110302
"China aims to settle nationwide trade in yuan by 2011"
Reuters, March 2, 2011


The following story happened Nov. 24, 2010:

http://www.chinadaily.com.cn/china/2010-11/24/content_11599087.htm
"China, Russia quit dollar"  
China Daily, Nov. 24, 2010

In case these headlines make you say, "So what?", you need to listen to this YouTube by Porter Stansberry research.  He tells you why our economy is going to collapse when the U.S. dollar is no longer the world's reserve currency.

http://www.youtube.com/watch?v=nI-BIVWlc7A
I already put this link on my blog on 1-16-2011, but I think the video was made in December 2010.

Here are some of my notes from the video:

This video is 1 hour 16 minutes long.  You can start at 6:00 if you want to skip a bunch of boring parts.

At 8:50, he tells about “the one thing that has saved us so far”: our dollar’s unique position as the world’s reserve currency.

Since everything in the world is bought and sold in U.S. dollars, this enables us to print more dollars anytime we want to buy anything overseas.

13:27- “In order for prices to start skyrocketing, all that has to happen is that other countries start preferring payments in something besides U.S. dollars.”

Most Americans have no clue what will happen when our money is no longer the reserve currency.

He tells about the fall of the British currency (it was the previous reserve currency of the world.)

17:27 "Maybe you don’t think something similar can happen here...but I’m telling you, its already happening."

18:59  There are other disastrous consequences to the U.S. dollar losing status as the world’s currency...

20:00 Massive inflation can happen.  It happened in Yugoslavia, Greece, Iceland

In the U.S., states are going bankrupt.

Our federal government would be bankrupt, too, except it keeps printing money.

29:06 What most people don’t realize, is that the U.S. can only continue printing dollars as long as the U.S. remains the world’s reserve currency.

30:09  Meeting of countries to plan to end dollar dealings for oil.

32:21 U.S. Dollars days are numbered.

35:07  Bloomberg News recently reported that China and Russia plan to start trading in each other’s currencies to diminish the dollar’s role in global trade. (See Nov. 24, 2010 news story link at top of this blogpost.)

57:00 to end:  He ends by saying have at least 6 months of food and supplies, after that he tries to sell his book and services.

1:09:04  He has a booklet you can order "The World's Most Valuable Asset in a Time of Crisis".  (Someone told me they ordered his information, and found out this asset suggestion was "Farm Land.")