Red China to world: Banish the American dollar – China declares war on United States through the economy…
China crowd
It looks as though the “Day of Reckoning” is here for the United States. China basically has declared “WAR” against the United States.
Listen to these statements:
- Asian and European countries should banish the U.S. dollar from their direct trade relations
- “The grim reality has led people, amidst the panic, to realize that the United States has used the U.S. dollar’s hegemony to plunder the world’s wealth,” said the commentator, Shi Jianxun, a professor at Shanghai’s Tongji University.
- “The world is waiting for this Asian-European meeting to achieve big results in financial cooperation.
Here’s the original Reuters report:
BEIJING (Reuters) – The United States has plundered global wealth by exploiting the dollar’s dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday.
The front-page commentary in the overseas edition of the People’s Daily said that Asian and European countries should banish the U.S. dollar from their direct trade relations for a start, relying only on their own currencies.
A meeting between Asian and European leaders, starting on Friday in Beijing, presented the perfect opportunity to begin building a new international financial order, the newspaper said.
The People’s Daily is the official newspaper of China’s ruling Communist Party. The Chinese-language overseas edition is a small circulation offshoot of the main paper.
Its pronouncements do not necessarily directly voice leadership views. But the commentary, as well as recent comments, amount to a growing chorus of Chinese disdain for Washington’s economic policies and global financial dominance in the wake of the credit crisis.
“The grim reality has led people, amidst the panic, to realize that the United States has used the U.S. dollar’s hegemony to plunder the world’s wealth,” said the commentator, Shi Jianxun, a professor at Shanghai’s Tongji University.
Shi, who has before been strident in his criticism of the U.S., said other countries had lost vast amounts of wealth because of the financial crisis, while Washington’s sole concern had been protecting its own interests.
“The U.S. dollar is losing people’s confidence. The world, acting democratically and lawfully through a global financial organization, urgently needs to change the international monetary system based on U.S. global economic leadership and U.S. dollar dominance,” he wrote.
Shi suggested that all trade between Europe and Asia should be settled in euros, pounds, yen and yuan, though he did not explain how the Chinese currency could play such a role since it is not convertible on the capital account.
China Flag
A two-day Asia-Europe Meeting (ASEM) of 27 EU member states and 16 Asian countries was set to open on Friday. Though few analysts expect much in the way of concrete agreements, Shi said it could prove momentous.
“How can Europe and Asia grasp each other’s hands and together confront the once-in-a-century global financial crisis sparked by the U.S.; how can they construct a new equitable and safe international financial order?” he said.
“The world is waiting for this Asian-European meeting to achieve big results in financial cooperation.”
Now, I don’t know about you, but when I hear words like:
- banish the US dollar
- Europe and Asia grasp each other’s hands
- U.S. dollar is losing people’s confidence
- the United States has used the dollar to plunder the world’s wealth
I tend to get a bit anxious between the ears. With over $1.2 trillion dollars of surplus US Dollars and a population that is booming daily – is Red China taking over the world?
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Comments
Game over… The war on the american dollar is a slaughter. China may as well buy us out… Oh, wait they already own us… So now what?
I guess we should tuck tail and bow to great china or FIX IT!
The former USSR once remarked they would bury the USA without ever firing a shot.
The PRC has suceeded in doing so.
Chuckypita,
You missed the fifth alternative for your survey:
- China will use their dollar reserves to negociate trade concessions and any other favors that they want from the USA, including distancing ourselves from Taiwan. They have a gun to our heads and they know it
Chris Ferrells last blog post..Prosecute George Bush outside of the USA