In a recently published article in Seeking Alpha I asked Sprott's Rick Rule the following question, "Developing countries like Zimbabwe for example have replaced the dollar with the Chinese yuan as their local currency. Is this a sign of the demise of the U.S. dollar as the world reserve currency?" And he said: "I don't believe so. My Chinese clients my high net worth clients tell me that although emerging markets don't trust the U.S. they trust each other less. The U.S currency, I mean it is ironic that four months ago we had a situation where we threatened to default on our U.S sovereign obligations and the market response was to bid up the U.S dollar, the U.S debt. That will tell you something the durability of the franchise that we are proposing to waste. I would describe the U.S. dollar in the context of being the world currency as being the prettiest mare in the slaughterhouse. The renminbi is challenged by the opacity of the Chinese economy, its challenged by the structure of an economy where 20k people attempt to rule 1.2 billion people, it's challenged by the depth of the securities market, it's challenged by the liquidity with which it trades on a global basis relative to the U.S dollar. In other words it is useful to talk about the Chinese currency superseding the U.S. dollar in the context of the fact that it helps sell newsletters. But that's its sole utility. It can't compete against the U.S. dollar in a fair fight. That isn't to say that the Chinese economy can't grow faster than the U.S. economy. That's a very different discussion, but the idea that any currency on a global basis, any fiat currency on a global basis can compete with the U.S. dollar for the next 2-3 decades is a non starter."