China calls for world to ‘de-Americanize’ and ditch the dollar
“Abandon the dollar” is the message resonating overseas as China is calling for a worldwide change as the fiscal cliff nears.
Government shutdown and stalled negotiations over the raising the debt ceiling has world leaders and organizations now speaking out.
In China, Xinhua, the official government news agency, said that as American politicians continued to flounder over a deal to break the impasse, “it is perhaps a good time for the befuddled world to start considering building a de-Americanised world”.
Christine Lagarde, the International Monetary Fund chief, raised the specter of a repeat of the 2008 financial crash as hopes dwindled for a resolution of the crisis over the debt ceiling and partial government shutdown.
Xinhua called the US a civilian slayer, prisoner torturer and meddler in others’ affairs, and said the ‘Pax Americana’ was a failure on all fronts.
The official news agency of China, which is seen as the pretender to the world’s superpower crown, then rubbed in more salt, calling American economic pre-eminence just a seeming dominance.
“As US politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world,” the editorial said.
“… the cyclical stagnation in Washington for a viable bipartisan solution over a federal budget and an approval for raising debt ceiling has again left many nations’ tremendous dollar assets in jeopardy and the international community highly agonised,” the agency said.
It is not the first time Chinese leadership and newspapers have criticised Washington over a policy paralysis that threatens to devalue its dollar assets.
According to US Treasury Department data, China is the biggest foreign owner of US Treasuries at $1.28 trillion as of July. Besides, China also holds close to $3.5 trillion of dollar-denominated assets.
Chinese flag, Beijing, China. 2009 Photo/Daderot
China is right. The whole world should deAmericanize. Other countries should use their markets to sell their products and American factories should use the US market. That would save the American economy over a BILLION dollars every single day. It wouldn’t take long to pay off the deficit like that.
That is how it was when America was prosperous and that is how it should be now.