By Ben Rooney, February 10, 2011: 4:37 PM ET
NEW YORK (CNNMoney) -- The International Monetary Fund issued a report Thursday on a possible replacement for the dollar as the world's reserve currency.
The IMF said Special Drawing Rights, or SDRs, could help stabilize the global financial system. SDRs represent potential claims on the currencies of IMF members. They were created by the IMF in 1969 and can be converted into whatever currency a borrower requires at exchange rates based on a weighted basket of international currencies...
Read more: IMF discusses plan to replace dollar as reserve currency - Feb. 10, 2011
When the International Monetary Fund calls for replacement of the dollar as the world's reserve currency there can be no denying that this will ultimately happen. What does that mean for Americans? It means that the cost of living will increase and the American standard of living is going to decline. No ifs, ands, or buts about it.