I found the article thoughtful and of value. There should be no doubt that the role of the $US in world trade is unsustainable.
Too many real assets in many countries have come under American ownership simply because America has created money to pay for them and has been able to do so because of the dollar's reserve currency status.
I do however wish to point out that the growing of fuel on agricultural land is not sensible.
If all agricultural land was converted to fuel production it would be possible to grow less than about 10% of current liquid fuel consumption and we would all starve.
The numbers are easy to verify for yourself. Look up total world annual grain and sugar production and calculate how much liquid fuel that could produce and compare that total to total world liquid fuel consumption.
We need to apply common sense to any proposal and, in effect, encourage a measure of public intellectualism from broadly educated generalists. That seems to be contrary to views expressed in another article at OLO today.
One public intellectual worth taking note of is John Ralston Saul.

The prediction that the Chinese yuan will become the world's new reserve currency is valid.

Whatever China's politics its proportion of the world population (perhaps a quarter) lower standard of living and hard work ethic now give it stronger economic claims to leadership than the US.

Wall Street's greed and US Government mismanagement have led to unnecessary economic dislocation and suffering internationally. The US took its eye of the ball partially through its decision to allocate around US$300 Billion per year to implement warfare in the Middle East as a standard foreign policy program.

While Hitler used war as a way to unite Germany and stimulate that economy it is not something a democracy should still be doing. So China is looking oddly good by comparison.

The author's South American connection is less related. Ethanol production (which is petrol intensive) is about as deluded as carbon capture. Portugese in Australian schools may be of greater use in talking to East Timorese while Brazilians by the million are learning English.

Pete

plantagenet,
when Japan went through its boom it resulted in the excess capital flowing into the asian tigers, chinese excess capital will go to sth america and create economic development boom and to a lesser extent africa. china has to create a a middle class consumer society to replace the united states but it will not want it on its doorstep for internal political reasons

slasher...I reckon you are right on that. The US has been undermining it's southern neighbours for decades.
I can't see them not using their military might while it lasts.
We could benefit from this situation but our governments have made the same mistake as the US: By pandering to "financial industry" profits they have put our currency and economy in peril. The proponents of "small government, free markets" have still not woken from the delusion...even after all major banks (and therefore the property industry and all business that relies on lending...) have needed to be rescued and massive government loans required to do it.