joining us is the author of currency wars the making of the next global crisis, jim rickards. at u.s. dollar as not their way forward. china, brazil, saudi arabia, they have a lot of money. malaysia, singapore, chili, indonesia, argentina, brazil. what are they looking at? >> they involve a payment currency and let's distinguish between that and a payment currency and i want to buy something from you and tender a currency and agree to accept that you're confident and give to somebody and he wills give me the goods and i give you the currency. that's the payment currency and what all the deals are about and it's a big deal. dollar being attacked from all sides and people looking for substitute and more. payments don't have the currency and the people's bank of china and the $100 bills in the basement and they have the securities denominated in the currency and u.s. dollars and key to reserve currency is do you have a bond market and big enough and liquid enough with dealers and underwriters and sellers and derivatives and futures and options and all the things above all the rul