Dollar Dump by China and Japan, US Dollar Collapse Imminent

Chinese Prime Minister Wen Jiabao and his Japanese counterpart Yoshihiko Noda have reached an agreement to promote direct use of their currencies in bilateral trade, sideline dollar in Asia. China and Japan announced that they are going to abandon the Dollar for trade between the two nations. Both sides also agreed that Japan will hold Chinese currency, yuan, in its foreign-exchange reserves, now largely denominated in dollars.The direct currency swap between the world's second- and third-largest economies reflects efforts to reduce risks stemming from fluctuations of foreign exchange rates and transaction costs.
U.S. Criticizes Japan, China on Currencies The Treasury Department, in its overdue semiannual currency report, offered its most direct criticism to date of Japan's two latest currency interventions, which the U.S. didn't support.

The US is the largest debtor in the history of the world.The US will default one way or another.