China's State Press Calls For 'Building a De-Americanized World' 634
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Unknown Lamer
from the 1979-wants-their-rhetoric-back dept.
from the 1979-wants-their-rhetoric-back dept.
Hugh Pickens DOT Com writes "Businessweek reports on some not-so-subtle commentary from China's official Xinhua News Agency on the U.S. budget showdown: 'It is perhaps a good time for the befuddled world to start considering building a de-Americanized world.' Key among its proposals: the creation of a new international reserve currency to replace the present reliance on U.S. dollars. 'The cyclical stagnation in Washington for a viable bipartisan solution over a federal budget and an approval for raising the debt ceiling has again left many nations' tremendous dollar assets in jeopardy and the international community highly agonized,' the authors write. 'The world is still crawling its way out of an economic disaster thanks to the voracious Wall Street elites.' The commentary calls for a greater role for developing-market economies in both the World Bank and the International Monetary Fund, adding 'the authority of the United Nations in handling global hot-spot issues has to be recognized. That means no one has the right to wage any form of military action against others without a UN mandate.' The commentary concludes that 'the purpose of promoting these changes is not to completely toss the United States aside, which is also impossible. Rather, it is to encourage Washington to play a much more constructive role in addressing global affairs.'"
Meanwhile, U.S. Senate Leaders are claiming a deal is close to reopen the federal government until mid-January and defer the debt ceiling debate until mid-February.
I'm Sorry, China (Score:5, Funny)
It isn't you, its me. I'm leaving you for India, as she is so much more able to fulfil my needs. I truly hope that you will find someone new. Let's be friends. - Uncle Sam.
Re:Summary says it all (Score:5, Funny)
$16.7 trillion is not a partisan issue.
Bingo. The greatest enemy of the Ruling Party is math.
-jcr
And who might we thank? (Score:3, Funny)
A justified argument (Score:4, Funny)
Because letting the global economy get taken hostage by a bunch of illiterate yahoos who hate healthcare is fucking stupid.
Independent World Interchange Currency (Score:4, Funny)
It is a great idea to have a "world currency" as global interchange currency. Therefore, no country would be able to just print money to buy new resources. However, this is only going to work when the average of countries join such system. However, the USA is not going to commit themselves to it, as they are primarily the profiteer of the present model, where everyone else must buy resources in a foreign currency, but the USA (not totally true, as some trade are made in Euro and Yuan).
Re:Everyone open your firewalls (Score:3, Funny)
I came here expecting a lot of dumb comments calling Americans 'Murricans' and other ignorant crap. I was not disapointed either.
Re:I'm Sorry, China (Score:2, Funny)
And this would merely push down the price, which wouldn't be great, that'd increase interest rates on issues of future debt, but it's not the end of the world.
The current rate on 10 year treasuries is 2.6%, and the US pays $220B/year in interest. Before their debt crises were settled, Greek and Irish bonds sold as high as 48% and 15%. At 15%, US interest payments would balloon to $1.3T. It would take a couple of decades to get there, as new, high-interest bonds are used to pay off older, low interest bonds, but make no mistake that the free money the US gets from the global capital market is a major contributor to our non-collapse.
Re:Everyone open your firewalls (Score:5, Funny)
I came here for the punch and pie. Sadly, I *was* disappointed.