beneficial monetary union? They can easily create some trouble here and there among various Asian nations. So long as China and Japan can not reconcile with each other (and China's leadership never have the plan for reconciliation since they will lose the nationalism tool for control), the Asian monetary union is a joke.
You are sweating for something that has 0 possibility. Europe will survive this financial crisis and maybe euro will replace dollar. But American empire builders will not loose its grip on Asia.
You are a very smart person and I like your insightful articles, but you underestimate America's sophistication.