This is what is creating the panic :
" Chinese officials signaled plans to diversify the nation's $1.43 trillion of foreign exchange reserves...T he dollar is ``losing its status as the world currency,'' Xu Jian, a central bank vice director, We will favor stronger currencies over weaker ones, and will readjust accordingly,''
... China is the second-largest holder of U.S. government debt after Japan"
Original Story here:
http://www.bloomberg.com/apps/news?p...h_s&refer=home
This is not good news for anybody, American or not
