Dollar loses reserve status to Yen and Euro

No surprise here.

From the article:

Over the last three months, banks put 63 percent of their new cash into euros and yen

And:

Currently, dollars account for about 62 percent of the currency reserve at central banks -- the lowest on record, said the International Monetary Fund

When you consider what our fearless leaders have been doing recently this is not a surprise.

This pretty well sums it up:

After printing up trillions of new dollars and new bonds to stimulate the US economy, the Federal Reserve chief is now boxed into a corner battling two separate monsters that could devour the economy -- ravenous inflation on one hand, and a perilous recession on the other.

Peter Schiff is quoted as saying:

"The stimulus is what's toxic -- we're poisoning ourselves and the global economy with it."

No kidding. There is always a bright side to every bit of bad news. In this case it is the following bit from the article:

Bernanke could go down in economic history as the man who killed the greenback on the operating table.

That gave me a sort of sick little chuckle.