Friday, October 24, 2008

Populism as problem solving

Populist rhetoric...much more of this to come. This official obviously has no idea that its not just the global financial architecture that is a strategic asset to America, but also the global security environment. Everything is connected. Does China have the resources and the political will to police its own backyard? No. It outsources its security services for a fee to the world's top provider of those services.

U.S. has plundered world wealth with dlr -China paper
Fri Oct 24, 2008 1:59am EDT
BEIJING, Oct 24 (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 realise 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.

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