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9 Votes
9 Comments
China says the US has plundered the world with the dollar
News Type: Event — Seeded on Mon Oct 27, 2008 6:33 AM EDT
Article Source: Reutersadvertisement
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.
Late In the day, Mr.Hu ... This is something that the world has bee talking about for a long time. China has been a major supporter (and victim) of this scam - by allowing US companies unlimited access and support. Chinese citizens have been duped with low paying jobs at these enterprises.
Is China forgetting history ... Mr.Hu Today it is the US - but yesterday, it was Europe,Mr.Hu. Europe was blockaded by the US for the last 100 years - and hence, European loot is possibly forgotten. European loot was accompanied by a lot of bloodshed and killing also Mr.Hu.
Has the Leopard Changed its spots Possibly, you dont know, Mr.Hu, because China has very little wildlife left. Leopards dont change their spots. Europe behaves today, because it has no options.
The answers A new currency floated by the five major economies who are most affected today - China, Russia, India, Brazil, South Africa. Maybe Japan will also join in. But, the answer, Mr.Hu is with these 5 - and not Europe.
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The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.
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- Public Discussion (9)
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{"commentId":3713206,"authorDomain":"2ndlook"}
The dollar crisis is clearly triggering a China crisis as I noted sometime back.
This column has been tracking the developments for the last 3 weeks - and this a complete post which connects the dots.
{"commentId":3713206,"threadId":"400147","contentId":"2043269","authorDomain":"2ndlook"}
- 3 votes
#1 - Mon Oct 27, 2008 6:48 AM EDT{"commentId":3713422,"authorDomain":"Meloney"}
2ndlook - thanks for putting together the global developments and focus on this topic. I've done a quick catch up on your previous posts. Good job.
This meeting in advance of the Nov 15 summit arranged by Bush may establish frameworks for an international order. The invitation's language punishing the US leadership on currency is a call to action. The current US administration has created a vacuum in leadership in the global financial order by undermining the institution of currency.
Why do you leave Europe out of the basket of economies that would form a new currency?
{"commentId":3713422,"threadId":"400147","contentId":"2043269","authorDomain":"Meloney"}
- 3 votes
#2 - Mon Oct 27, 2008 7:44 AM EDT{"commentId":3713582,"authorDomain":"2ndlook"}
Good job.
Thanks.
Why do you leave Europe out of the basket of economies that would form a new currency
The Euro is already there. Europe spent close to a decade forming the ECB system. Why would they want to jettison that?
{"commentId":3713582,"threadId":"400147","contentId":"2043269","authorDomain":"2ndlook"}
- 2 votes
#3 - Mon Oct 27, 2008 8:12 AM EDT{"commentId":3713780,"authorDomain":"Meloney"}
ah - good point - the EU has secured a stable position in the system and why/how might it be in their interest to agree to dilute their position? It would certainly be in the interest of any new system to incorporate the large, mature European market.
If those other countries are intent on forming a truly global currency the EU might choose the way of the international future if the new system give significant weight to the Euro.
{"commentId":3713780,"threadId":"400147","contentId":"2043269","authorDomain":"Meloney"}
- 1 vote
{"commentId":3713877,"authorDomain":"2ndlook"}
I think, the easier thing is to let Euro stay .. and let the dollar stay .. and let a Third currency come up. Nations should have the option of choosing from these currencies.
{"commentId":3713877,"threadId":"400147","contentId":"2043269","authorDomain":"2ndlook"}
- 2 votes
#4 - Mon Oct 27, 2008 8:45 AM EDT{"commentId":3738405,"authorDomain":"raatkiraani"}
I was trying to seed this and see you beat me to it. Good seed.
The cynic in me thinks that this whole 'crisis' is intended to weaken exactly those 5 countries that have led the 'emerging economies' pack for a while - BRICS. With Russia, India and China being the primary targets.
There's another side that makes me think this was a crisis in the making since 9/11 and that shoring up failing economies can only go on for so long. Eventually, it crumbles and what we have seen is when it hit that point.
Either way, what I find baffling is that the warning signs have been recognised and talked about for at least the last two years. Yet, none of the Governments who are now running around like blue arsed flies trying to rescue a crisis appeared anything like aware of the crisis. It makes me wonder if they and their advisors have been totally ignorant, foolishly arrogant or stupidly complicit. I guess we will never know which.
2nd Look - your column is rapidly becoming a must-watch on Newsvine. Thanks.
{"commentId":3738405,"threadId":"400147","contentId":"2043269","authorDomain":"raatkiraani"}
- 1 vote
#5 - Tue Oct 28, 2008 12:51 PM EDT{"commentId":3752921,"authorDomain":"2ndlook"}
RKR - Thanks firstly for the participation, handholding and encouragement.
this whole 'crisis' is intended to weaken exactly those 5 countries that have led the 'emerging economies' pack for a while - BRICS. With Russia, India and China being the primary targets.
It is actually the actions (karma) of the West and the BRICS have led to this crisis - without the melodramatic 'conspiracy' theories. Without this exploitation, the West will be a fringe player.
Mostly, we do not see the elephant in the Western history room - which is slavery. After the decline of slavery in 20th century (due to lack of availability of slave targets populations in Africa and indentured labour from India, second - due to slave revolts), the West has been limping along.
The exploitation of gold reserves in Australia, Canada, US and South Africa (under apartheid) led to the Bretton Woods which continued with this economic model. The Bretton Woods is also coming to an end.
Mostly, the tragedy of the BRICS (S for South Africa) has been that they have not been able to see through this issue - and most importantly engage with each other. The exception to this has been solely South Africa. The BRICS continue their focus on Western engagement - for instance, the WTO.
The BRICS have also not been able to create institutions for this thinking, forge engagement with each other - which is exactly what the West wants.
{"commentId":3752921,"threadId":"400147","contentId":"2043269","authorDomain":"2ndlook"}
- 1 vote
#6 - Wed Oct 29, 2008 2:40 AM EDT{"commentId":3832888,"authorDomain":"sushicat"}
This is really good seed.....and one to watch.
Please keep us posted on this matter. It is going to be interesting to see America not in the lead economically and what this is going to do to us.
Right now I'm still getting my class used to the idea why America is losing popularity and why we are not as strong as we used to be.. they aren't ready for the above yet.
{"commentId":3832888,"threadId":"400147","contentId":"2043269","authorDomain":"sushicat"}
#7 - Sun Nov 2, 2008 9:40 AM EST{"commentId":3864824,"authorDomain":"2ndlook"}
{"commentId":3864824,"threadId":"400147","contentId":"2043269","authorDomain":"2ndlook"}
- 1 vote
#8 - Tue Nov 4, 2008 3:40 AM EST{"canLink":false,"threadId":"400147","isPrivate":false}
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