As Franklin Wobbles

Brazil’s President Luiz Inacio Lula da Silva spent a day meeting with Chinese leaders in Beijing, during which analysts said he could broach a plan to ditch the US dollar in his nation’s trade with China.

He said, “In just 35 years of diplomatic relations, Brazil and China have more to celebrate than countries that have had relations for more than 100 years. It’s absurd if two important trading nations such as ours continue to carry out our commerce in the currency of a third nation.”

Beijing replies, “Everybody has realised… that the currency and debt crises in many countries and the global economic crisis are linked to the dollar standard.”

Yes. Worry.