RE:China Data points on dumping US Financials.Yup, nickel will be the currency and probably worth a nickel too along with Sherritt stock.
As for USD being dropped...LMAO! Out to lunch!
Here's a list below of the countries that own US debt.
https://www.visualcapitalist.com/which-countries-hold-the-most-us-debt/
How do you figure they'll be dropping that USD debt?
Will Japan just wish away $1.1 trillion?
The world is stuck...they are holding US debt.
Let me make it simple.
If you owe the bank $10,000 you are in trouble.
If you owe the bank $10,000,000 the bank is in trouble...get it?
The others are the banks, the US is the client to whom they keep lending.
All these countries are in trouble because they bought US debt. They aren't going to drop the USD. If anything the system perpetuates itself. Most transactions are in the USD. It's the only currency around that can do that...lubricate the system. Every central bank has USDs in its possession to do this.
When there is uncertainty, and there will be more coming, everyone flocks to SAFETY...in the USD and gold. Gold is the fear hedge but it doesn't work either because there isn't enough to go around AND you can't be flying the stuff all over the world because it's too impractical.
Trying to buy a coffee or a beer with gold dust? Give your head a shake. Fiat is a store of value so you can make small purchases daily. You can't do that with commodities that can fluctuate wildly.
The USD - It's not perfect but it's better than any alternative to date.
PS - If you look at who has the biggest debt as a single number, yes the USA is #1 however, when you look at debt as a percentage of GDP, the USA falls to 26th - not so bad. Countries like the Netherlands, Greece, the UK, Italy, Switzerland, Sweden, Norway, Canada, and Singapore all have greater debt ratios.
Check it out: https://en.wikipedia.org/wiki/List_of_countries_by_external_debt