Fed to scale back bond buying

[Temperament]

Proof that Freedom is wrong:

WASHINGTON, Feb 27 (Reuters) - Below are highlights from the question and answer session of a House Financial Services Committee hearing on Wednesday with Federal Reserve Chairman Ben Bernanke testifying on monetary policy and the U.S. economy.

BERNANKE ON DOLLAR AS RESERVE CURRENCY:

"I don't see any sign that that's happening (the U.S. dollar losing status
as world's reserve currency). The amount of reserves held in dollars is actually growing, not shrinking. I think that reserve currency status at least for the foreseeable future is very much intact."

The world is being held hostage by the FED and their irresponsible monetary policies, Bernanke knows it, and he is not ashamed to exploit it.

Yeah, yeah, yeah, I am wrong. I would look at it this way. The Fed admit the fact that USD is the de facto reserve currency,(denying it equals denying facts) but obviously, the Fed does not take any responsibilities of it. If that's what so called acknowledgement, the world must be full of fools who put their financial future on someone that does not care about them.

The Fed did nothing wrong or irresponsible(it has no responsibility whatsoever to the rest of the world). It is the rest of the world that are fools who trust someone without their interest.

i predict very soon there will be more than one reserve currency in the world. Then what?

There won't be more than one reserve currency, the dollar will gradually lose its reserve currency status eventually and all international trade will be conducted in another currency, but this will not happen overnight.

I see no end to America's twin deficit woes, the govt is still spending irresponsibly and they are still importing far more than what they are exporting each year. Neither of these can be good for the dollar.

i thought the BRIC are trying hard to come to some sort of understanding not to use the reserve currency for inter-trade whenever feasible.
And what about among Asia countries?
i think even some petro-dollar countries try.

Euros seems to be the "back-up Reserve currency" but now what about the RMB?