Main Stream Media Begins To Worry of Collapsing Dollar

Today the Politico ran a story title "A Sneak Attack On The U.S. Dollar?" which communicates a bit of fear of the emergence of a new world currency, specifically a gold backed currency, and the effect this would have on the US dollar.

The following is an except from the article:

But if the Chinese or the Russians or some transnational entity such as a sovereign wealth fund were able to put together a credible replacement for the dollar as a global currency, capital would flow out of dollars and out of the United States in an unprecedented surge. The result would be a world in which borrowing costs for the U.S. could nearly double, requiring hundreds of billions a year in new federal spending on interest on the U.S. debt. The White House and Congress could be forced to make dramatic and politically destabilizing cuts in federal domestic and military spending to keep the government from going bankrupt.