The Taipan Publishing Group's editorial director, Justice Litle, sent around an article this morning with the subject line, "Uh-oh." And what I read was pretty scary. I'm posting it here with a link to the original article and invite your comments...

China wants dollar replaced as reserve currency By Jamil Anderlini in Beijing Published: March 23 2009 12:16 | Last updated: March 23 2009 14:22 China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund. The goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies,” Zhou Xiaochuan, governor of the People’s Bank of China, said in an essay posted in Chinese and English on the central bank’s website. Although Mr Zhou did not mention the US dollar, the essay gave a pointed critique of the current dollar-dominated monetary system. “The outbreak of the [current] crisis and its spillover to the entire world reflected the inherent vulnerabilities and systemic risks in the existing international monetary system,” Mr Zhou wrote.

Read the full article here, and then come back and post some comments...