"It will not be the end of the world as we know it but another beginning long overdue where sound money, serious fiscal policy and good monetary practises mean something, I hope."

The demise of the dollar as reserve currency had to happen sometime and it will allow the US to write off a lot of US debt owned by the rest of the world.

I often wonder how the rest of the world so easily accepted the dollar to become the world's reserve currency 40-50 years ago, because it is obvious that such a currency brings many benefits to the country issuing the currency.

Taking history into consideration, I am not so sure whether the G20 will arrive easily at a sound framework for a future global monetary system that responds to all interests.

As I see things evolving now China will have the leading role in determining whether this system will see the light and how it will look like. I must say that I am impressed by the prudency shown by the Chinese over the last 10 years. But things can change very fast.