China’s People’s Daily Says US Dollar Root of Global Money Crisis

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 US 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 realize that the United States has used the US dollars hegemony to plunder the world’s wealth," said the commentator, Shi Jianxun, a professor at Shanghai’s Tongji University.

Shi, who has before been strident in his criticism of the US, said other countries had lost vast amounts of wealth because of the financial crisis, while Washington’s sole concern had been protecting its own interests.

"The US dollar is losing people’s confidence. The world, acting democratically and lawfully through a global financial organization, urgently needs to change the international monetary system based on US global economic leadership and US dollar dominance," he wrote.

via Reuters: US has plundered world wealth with dollar: China paper

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One response to “China’s People’s Daily Says US Dollar Root of Global Money Crisis

  1. China, for a country that does not want more US dollars, is having thousands of businesses failing because the people of America are no longer buying as many dangerous, poison Chinese made products!

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