People will be like dollar who?!

You hippies feel free to barter weed and dreamcatchers.

didn't buy the McMansions, work on Wall Street as investment bankers, run major corporations, start foreign wars, run the government debt up "off budget", or sell bonds to China to finance the national debt.

I don't know what you're smoking, but it must be closer to crack than the herb most "hippies" are fond of.

The question is "what currency will the rest of the world use?"

Currently, the rest of the world uses the dollar, more or less. They don't use it to buy groceries, but they do use it to buy Swiss watches, African diamonds, Japanese televisions, Saudi oil, or Australian wine.

There's some talk in other countries to stop asking for Dollars and start asking for something else -- there's nothing else to use that isn't significantly worse than the Dollar right now, but that might change.

U.S. congresspeople have very little say in whether other countries stop using the Dollar. I'm not 100% sure whether Rep. Bachmann realizes this and is exploiting the American people or whether she's as dumb as a sack of Brazilian sugar.

Actually they do use US$ to buy groceries in some countries. Go to Cambodia for example and you will use US$ to pay for pretty much everything and so will the locals.

Of course the Chinese can complain all they want but no one held a gun to their heads and made them buy all of our money. They did what they thought they had to do to prop up their manufacturing sector and grow their economy. It was their own foolishness that allowed our foolishness and it all got out of control.

I read these words and got hopeful. They can keep her.

Michelle who?

Which is not to say that it shouldn't lose that status. The great advantage of having your own currency be the world's reserve currency is that when you run up debts with the rest of the world, you can just print more dollars to pay 'em off. This enables the United States to carry its immense budget and trade deficits. Convenient, but hardly prudent in the long term, no?

Yes, hardly prudent. But if Bretton-Woods should be abandoned and the USD lose its status as the world's reserve currency, the US of A is then in the deepest pile of feces in the monetary history of man.

We in the US enjoy great, nigh on incalculable advantages through the status of the dollar as the agreed upon reserve currency for the world. The mass of the world's transactions for everything from the price of oil to loads of food are carried out in dollars. Other currencies are valued against the dollar. At the moment the USD loses its status as the reserve currency, it must actually begin to pay for its current account deficits via something other than the printing press.

The short version is this: The dollar, with all of our budget deficits and trade imbalances, only has value because other nations agree that it has value. Take that away and you get to experience what it must have been like to have piles of confederate money at the end of the civil war.

Click on my signature if you'd like to get a much better explanation (in the form of a short video and/or accompanying text) from someone who knows this subject much better than do I.

Ms. Bachmann, I am sure, means well. (Doesn't most everyone?) That said, the status of the USD as the world's agreed upon reserve currency has absolutely no bearing on the status of the dollar (and other denominations of US currency) as the legal tender used for exchange and banking inside of the United States of America. The reserve status is simply irrelevant as a legal issue to that state of affairs. Where the reserve status counts is in international trade and the financing of our deficits.

We reglar Americans debate actual issues such as torture and justice; they knee-jerk twit Americans try to debate welfare Cadillacs, US troops under foreign command, black helicopters, al-Qaeda disguised as Mexicans swimming the Rio Grande...

This Dollars Versus Satan's Currency is the fakest of fake debate points. It is on a par with witchcraft legislation.

P.S. In Detroit (Satan's Northern Outpost), many businesses take Canadian currency, because we are right across the river from Canada. In rock-ribbed Rayed, Whaht, an' Blew Texas, many businesses take Pesos. It's okay. No big deal.

The answer to your question is neither. No one entity gets to anoint anybody's currency as the reserve currency. If enough countries begin to hold [fill in the blank] as their reserve currency, it will be so regardless of how much Michele Bachmann yammers. Any currency aspiring to be a reserve currency has a few daunting requirements to meet which is why the Chinese suggested SDRs but those who claim that it will be a cold day in hell before the dollar is dethroned would be advised to keep warm clothing in the closet.

What is surprising is that Ms. Bachmann only has 30 co-signers so far who want to save the dollar. Since it is clear that geithner and the president want to destroy the dollar by devaluing it beyond salvation through overspending, waste, corruption, fraud and payoffs which all are the essence of the democrat party.

geithner has come out in support of a global currency, which would be the continuation of the radical left's attempt to eliminate our Constitution. Go through the amendments one-by-one: the president wants to eliminate free speech through the unfairness doctrine, he wants to seize all of the guns that are in private hands to allow only the criminals to have guns, most of whom happen to be black.

He finds nothing wrong with seizing our largest automaker and firing its CEO. Is there any part of our Constitution that the president doesn't want to destroy? Search and seizure; is he next going to have a militia enter our homes and start carting off to jail anyone who is in favor of capitalism?

Do not minimalize this attack by the president on our dollar; watch what he and his henchmen, especially geithner, say in the next few days at the G20. Will these globalists, hussein and geithner, surrender America to the chinese and their communist allies in the next few days.

Write your congressman to become a co-signer of Ms. Bachmann's bill. Help save the dollar from extinction. Support the growing backlash against deficit spending, and the outrageously wasteful tarp, stimulus and Un-American bailouts debacles.