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Looks like we may not be able to print our way out of debt, after all.

China's central bank is looking to dump the dollar as the world's reserve currency and replace it with a new global system, which would then be controlled by the International Monetary Fund.

“The outbreak of the crisis and its spillover to the entire world reflected the inherent vulnerabilities and systemic risks in the existing international monetary system,” Zhou Xiaochuan, governor of the People’s Bank of China wrote in an essay posted on the Bank's site.

The changes would take an enormous international effort, and is unlikely at the present time.

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