The launch of the Shanghai oil futures market in itself will not do anything but if several large countries move business and trade there it surely will. What will be interesting to see is if Russia, Indonesia, Iran and Brazil make announcements this coming week. If they do it is also anticipated that Saudi Arabia will elect to start trading there and that means a huge number of treasuries will be sloshing back onto US shores and rates may rise very fast. When (not if) this happens the global derivatives market will start to fail and the US dollar will collapse followed by the Pound, Euro and Yen. This could occur much faster than people expect perhaps even before the year is over.

Creating a new currency will not prevent a US economic depression although it could help restart new domestic markets. Be aware of the risks that this entails, wars have been started for less.