Sunday, October 26, 2008

Chronicles Of Depression 2.0: #356: Resentment

U.S. has plundered world wealth with dollar: China paper
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.

Emphasis added by me.

I'd be fearful of this China threat, except they've got a land of nothing but goons, thugs, and cheats.

They can't do milk properly without poisoning tens of thousands of people in their own country and setting off a worldwide panic recall of food that contains their poisonous milk as well as poisons in other products.

Here's a clue for you, China; The Dollar remains strong and the last-ditch currency of the entire world because we have a reputation unlike yours.

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