A Reuters story about China and the future of the US dollar that gives one pause...or chills...

[marmar]

:scared:



China paper urges new currency order after "financial tsunami"
Wed Sep 17, 2008 1:45am EDT


BEIJING (Reuters) - Threatened by a "financial tsunami," the world must consider building a financial order no longer dependent on the United States, a leading Chinese state newspaper said on Wednesday.

The commentary in the overseas edition of the People's Daily said the collapse of Lehman Brothers Holdings Inc (LEH.P: Quote, Profile, Research, Stock Buzz) "may augur an even larger impending global 'financial tsunami'."

The People's Daily is the official newspaper of China's ruling Communist Party, and the overseas edition is a smaller circulation offshoot of the main paper.

Its pronouncements do not necessarily directly reflect leadership views, but this commentary by a professor at Shanghai's Tongji University suggested considerable official alarm at the strains buckling world financial markets.

China's central bank earlier this week cut its lending rate for the first time in six years, a move analysts said was aimed at bolstering the economy and the battered stock market.

"The eruption of the U.S. sub-prime crisis has exposed massive loopholes in the United States' financial oversight and supervision," writes the commentator, Shi Jianxun.

"The world urgently needs to create a diversified currency and financial system and fair and just financial order that is not dependent on the United States." ......(more)

The complete piece is at: http://www.reuters.com/article/ousivMolt/idUSPEK4365020080917

[Rosa Luxemburg]

1. Oh oh!

[sandnsea]

2. New World Order

I can't help but wonder if the US financial collapse isn't completely planned to benefit the fat cats who know they can make more money from the billions in China than the millions in the US.

[lonestarnot]

3. One world fucking currency coming. Fight people fight!

[RB TexLa]

6. Fight more stability to currencies? Fight greater equalization of world economies?

[lonestarnot]

7. Oh yeah right. We're looking at the stability that you suggest right now.

[RB TexLa]

10. Regional currencies have more stability than a national one.

Why would you want to fight such? Republicans' answer is to simply chant Uuuuu! Essss! Aaaaa! over and over, what is your answer?

[lonestarnot]

11. Certainly not 1 fucking world currency. You think we have problems now, jump into that fire.

[RB TexLa]

4. No reason for chills, we've needed more global economic balance for years.

[marmar]

5. Oh, I agree with that......But the process is going to hurt bad.

n/t

[orwell]

8. You mean there is no free lunch...

...Creditors might not take our green toilet paper any more?

Who knew?

[SteelPenguin]

9. Why do I see a new map coming

One like the 'states that torture' map or the 'states that don't use the decimal system' map where it'll be 'states that don't use the unified world currency' and on it is going to be the U.S. Libya and Burma or something.

Maybe not next year, but it wouldn't surprise me if in my lifetime the rest of the world, for the most part, moves to a unified currency while the U.S. goes alone.

[lonestarnot]

12. San dan donia! Go it alone is alright with me where this is concerned!