I monitor the global financial news and there have been multiple stories the past few weeks about the dollar losing its status as the global reserve currency. In particular there have been many articles about the emerging BRIC Nations - Brazil, Russia, India, and China - and talk about how they are working more and more together and may create a new global unit - which would be a basket of currencies or the SDR unit from the International Monetary Fund - to replace the dollar the reserve currency of the world.

Well, yesterday China's Vice Foreign Minister told reporters, "The US is still the most important and major reserve currency of the day, and we believe that that situation will continue for many years to come."

I think this should put to rest any thoughts that the dollar is going to be replaced by anything else anytime soon. It may happen in the future, but it is probably years and years from now. Recall that the dollar replaced the pound as the most important currency in the last century - but this process took from the time of World War I to the end of World War II. During that time the US was the biggest lender nation on the globe- just as China is today - but it took decades for the dollar to become the global currency despite the fact that it was the strongest trading currency during most of that time.

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