If the dollar is no longer used as the world's reserve currency: http://money.cnn.com/2011/02/10/markets/dollar/index.htm, the party will soon be over. What party? The party wherein politicians from both sides of the political spectrum get to spend money they/we don't have.
As long as the dollar is the world's reserve currency, and therefore carries with it a coinciding world demand, countries like China will continue to buy our Treasuries. As long as there is a market for these Treasuries, the private Federal Reserve Bank will continue to print Federal Reserve Notes that you and I carry in our pockets. You will notice that these "notes" are denominated in "dollars", and they subscribe to the Law of Notes.
To understand the significance of world reserve currency status, understand that when Germany wants to buy oil from Saudi Arabia they do so with Dollars. When this status is relinquished, the type of worldwide economic conformity described here: Revelation 13:17 "And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name." cannot be far behind.
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