The Big Brother has been losing its currency value lately due to recession and economic downturn. With reference to an article stated in “The Independent” , there has been secret talks launched between Arab states, China, Russia and France to stop using U.S currency for oil trading.
The discussions claim that there would be a basket of currencies used for Oil trading that includes Chinese Yuan and Japanese Yen along with Euro and a unified currency. Before World War II, British pound has been used as the Global Currency which got changed by U.S dollar due to its Economic growth and Military power.
40% to 60% of international financial transactions are done in U.S dollars. Since 1999, dollar began to lose its charm to Euro, which is a larger size economy and has the prospect of more countries adopting Euro as their national currency.
In the future, U.S dollar might be replaced by another form of electronic money called Digital Gold currency which is measured by Gold gram or Troy ounce.
We need to wait for couple of years to get the full picture of U.S economy and its influence towards global economy.