The International Monetary Fund recalculates the Special Drawing Rights (SDR) every fight years.
The Chinese have taken every effort over the last five years to be included in the SDR when the next rewriting comes in September and October. China may move further away from western institutions and create other Asian institutions like the Asian Infrastructure Investment Bank.
The autumn of 2015 will be a critically important time of the year. The dollar may fall substantially, if the US government makes wrong moves, James Turk believes. "I think we are going to step on a mine before the end of this year," he said.
"Remember that the dollar has only risen because people around the world perceive it as the best option of a lot of poor choices. In other words, people are moving out of the euro, and moving out of other weak currencies, in an emotional kneejerk reaction into the dollar. They are not moving into the dollar because of any fundamental strengths. The problems of the U.S. are still quite severe, particularly the debt problem and government spending out of control. Things tend to rise and things tend to fall, and I wouldn't be surprised to get a big drop in the dollar before the end of the year," James Turk said.
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