On the eve of a trip to Washington, China's president Hu Jintao has openly spelt out the demise of the US dollar as the world reserve currency.
Yet he also admits that it would be "a fairly long process" to make China's renminbi an international currency, not to mention replacing the weakening greenback as the unrivaled currency of global commerce.
In other words, the currency king is (almost) dead, long live who? (not Hu).
All this is an indicator of two system-changing trends. First, it points to a hegemonic vacuum in the world system as no one imperial power looks likely to gain the relative dominance that America enjoyed after the Second World War.
Second, it highlights the deathly financial instability of global capitalism as its high-stakes gamble on building ever higher mountains of debt looks certain to be a sure loser.
The important task facing the world's majority is to make sure that financial chaos and capitalist collapse doesn't take them down too.
That will require a grassroots revolution to separate the worthwhile world of work from the parasitical world of high finance where capitalist crooks and state swindlers luxuriate in a fool's paradise at the expense of people and planet.
This Financial Times article below gives more background on president Hu's comments: Hu questions future role of US dollar
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