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Will the dollar be replaced?

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Several countries, like China, are worried about the massive and growing size of the US debt. There are calls to move away from the dollar as the international reserve currency (some already have) and go to some form of a global currency regulated by the IMF. The concern is partly over the real possibility of rampant inflation, as the US prints more money, which affects the value of our debt.

Will we see the dollar fall from world use? If so, what will be the impacts, good or bad? The US is in very real financial trouble here, and the bailout threatens to make it even worse.