USA has plundered world wealth with dollar: China paper
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U.S. has plundered world wealth with dollar: China paper
BEIJING (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.
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 U.S. dollar's 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 U.S., 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 U.S. 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 U.S. global economic leadership and U.S. dollar dominance," he wrote.
Shi suggested that all trade between Europe and Asia should be settled in euros, pounds, yen and yuan, though he did not explain how the Chinese currency could play such a role since it is not convertible on the capital account.
A two-day Asia-Europe Meeting (ASEM) of 27 EU member states and 16 Asian countries was set to open on Friday. Though few analysts expect much in the way of concrete agreements, Shi said it could prove momentous.
"How can Europe and Asia grasp each other's hands and together confront the once-in-a-century global financial crisis sparked by the U.S.; how can they construct a new equitable and safe international financial order?" he said.
"The world is waiting for this Asian-European meeting to achieve big results in financial cooperation."
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The Dollar System and USA economic reality
It's accepted wisdom that the United States, despite recent problems, is still the strongest growth locomotive for the world economy, the pillar of the global system. What if we were to discover that, instead of being the pillar, that the United States was, in fact, the heart of a dysfunctional economic system, which is spreading instability, unemployment, and depression globally?
No other nation on earth comes near to the commanding US military superiority in smart bombs, military IT, or in sheer force capabilities. The US position in the world since 1945, and especially since 1971, has rested on two pillars, however: The superiority of the US military over all, and, the role of the dollar as world reserve currency. That dollar is the Achilles heel of American hegemony today.
In my view, the world has entered a new, highly dangerous phase since the collapse of the US stock market bubble in 2001. I am speaking about the unsustainable basis of the very Dollar System itself. What is that Dollar System? ...
http://www.engdahl.oilgeopolitics.net
How the IMF Props Up the Bankrupt Dollar System
One of the crucial pillars of support for today's Dollar System is Washington's control of the International Monetary Fund, the IMF. The way this actually works is carefully disguised, behind a facade of technocrats and economic theory of free market ideology.
In reality, the IMF is a modern era collection agency for the Dollar Empire. It collects its tribute, through major international banks, who use the dollars to further extend the power of American financial and corporate hegemony, in effect the driving motor of what is globalization...
http://www.serendipity.li/hr/imf
Super Imperialism The Origin and Fundamentals of USA World Dominance
This new and completely revised edition of "Super Imperialism" describes the genesis of America's political and financial domination.
Michael Hudson's in-depth and highly controversial study of U.S. financial diplomacy explores the faults built into the core of the World Bank and the IMF at their inception which -- he argues -- were intended to preserve the US's financial hegemony. Difficult to detect at the time, these problems have since become explicit as the failure of the international economic system has become apparent; the IMF and World Bank were set up to give aid to developing countries, but instead many of the world's poorest countries have been plunged into insurmountable debt crises.
Hudson's critique of the destructive course of the international economic system provides important insights into the real motivations at the heart of these institutions - and the increasing tide of opposition that they face around the world...
http://www.michael-hudson.com/books/super
The Global Gamble: Washington's Faustian Bid for World DominanceGowan argues compellingly that the process of globalisation has been relentlessly driven forward by the enormous political power of the US state and business interests in a highly conscious bid to extend their strategic dominance over the world economy.
He shows how the international finance system - the 'Dollar-Wall Street Regime' - created out of the ashes of Breton Woods has been exploited as a political lever to open up local economies to US products and speculative flows of 'hot' money, and demonstrates how each financial crisis over the last ten years has been used by the Washington-Wall Street axis to force through dramatic economic and social re-engineering in the targeted countries...
http://www.amazon.com/Global-Gamble-Washingtons-
http://www.marxsite.com/Global%20Gamble2.htm
http://www.iwgvt.org/files/9-gowan.rtf
Confessions of an Economic Hit Man: How USA Uses Globalization to Cheat Poor Countries Out of Trillions
AMY GOODMAN: It’s good to have you with us. Okay, explain this term, “economic hit man,” e.h.m., as you call it.
JOHN PERKINS: Basically what we were trained to do and what our job is to do is to build up the American empire. To bring—to create situations where as many resources as possible flow into this country, to our corporations, and our government, and in fact we’ve been very successful.
We’ve built the largest empire in the history of the world. It’s been done over the last 50 years since World War II with very little military might, actually. It’s only in rare instances like Iraq where the military comes in as a last resort. This empire, unlike any other in the history of the world, has been built primarily through economic manipulation, through cheating, through fraud, through seducing people into our way of life, through the economic hit men. I was very much a part of that...
http://www.democracynow.org/2004/11/9/confessions
http://www.democracynow.org/2007/6/5/john
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Very interesting posts you've put up. Giving this a bump, hope to see more.
But i'm afraid most here would fail to connect this with the idealistic form of democracy that the Americans are promoting.
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USA's dollar hegemony and their exploitation of world's wealth through the dollar system must end.
We must oppose the current USA financial dominance and push for global financial reform.
USA Dollar Hegemony has to go
There is an economics-textbook myth that foreign-exchange rates are determined by supply and demand based on market fundamentals. Economics tends to dismiss socio-political factors that shape market fundamentals that affect supply and demand.
Ever since 1971, when US president Richard Nixon took the dollar off the gold standard (at $35 per ounce) that had been agreed to at the Bretton Woods Conference at the end of World War II, the dollar has been a global monetary instrument that the United States, and only the United States, can produce by fiat.
World trade is now a game in which the USA produces dollars and the rest of the world produces things that dollars can buy...
http://henryckl.ipower.com/page2.html
Wen Jia Bao calls for restructuring of global financial system
http://english.people.com.cn/90001/
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Interesting read . =D Bretton Woods. kekeke.. Emerging new strong economies .. they shouldve took it into consideration.
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Euro for the Europeans and so why not Sing Dollars for South East Asian? Since its is one of the most stable currencies in the World.
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Originally posted by Short Ninja:
Euro for the Europeans and so why not Sing Dollars for South East Asian? Since its is one of the most stable currencies in the World.
hahahaha... without freedom of information and with the official secrets act in place, only silliporeans trust the asspots... nobody else in this world is THAT STUPID as to hold reserves in Singapore dollars.
Nobody in this world is THAT STUPID as to hold Renminbi as their reserve currency.
The Japanese Yen might have a chance.
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Everyone can see that the Japanese are honorable people and conducting their affairs with transparency and openness.
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Originally posted by Poh Ah Pak:
U.S. has plundered world wealth with dollar: China paper
BEIJING (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.
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 U.S. dollar's 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 U.S., 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 U.S. 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 U.S. global economic leadership and U.S. dollar dominance," he wrote.
Shi suggested that all trade between Europe and Asia should be settled in euros, pounds, yen and yuan, though he did not explain how the Chinese currency could play such a role since it is not convertible on the capital account.
A two-day Asia-Europe Meeting (ASEM) of 27 EU member states and 16 Asian countries was set to open on Friday. Though few analysts expect much in the way of concrete agreements, Shi said it could prove momentous.
"How can Europe and Asia grasp each other's hands and together confront the once-in-a-century global financial crisis sparked by the U.S.; how can they construct a new equitable and safe international financial order?" he said.
"The world is waiting for this Asian-European meeting to achieve big results in financial cooperation."
It is just stupid for the Chinese to blame the Americans. NOBODY asked them to be the USA coolies.
They have no choice, like Singapore has no choice but to play along and be coolies because their systems are not democratic.
Thailand, Philipoines, and Indonesia (now), and maybe even Malaysia can show the US their middle finger but Singapore and China cannot because the despots in these two countries are afraid of losing power.
Japan will come out on top because they do not have to play nice to the USA for the simple reason that their Prime Ministers are honorable people and are willing to step down anytime. They will do the right thing for the country even if it is unpopular and they get kicked out, because if they get kicked out, it is of no consequence to them.
Singapore and China? hahaha.. they will continue to lick the US asses...
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China stays quiet amid talk of new financial order
By Alan Wheatley, China Economics Editor - Analysis
BEIJING (Reuters) -
..."I don't think China can do much. Officials have said that what is important for China is to handle its own business well, which I think is quite right," said Zhang Bin with the Chinese Academy of Social Sciences, the government's top think-tank.
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What in the world, do you think coolies can do? When the Americans depend on the Chinese for survival, when American presidents depend on the despots to be elected, (like the despots depend on the USA to cling on to power dishonorably), only then can they do something meaningful (and stop being coolies).
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U.S national debt is now more than 10 trillion.
superpower???
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read the back of a US bill "IN GOD WE TRUST" you need to trust god on the value of that bill?
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Originally posted by dragg:
U.S national debt is now more than 10 trillion.
superpower???
I suppose you think that the dishonorable despot run red dot is very rich, then can you explain this?
Singapore dollars vs Japanese Yen
The USA is a super power because they can owe so much and everyone knows that they owe so much but they can get away with it. Power or not? Singapore and China are still working as their coolies, knowing that they owe so much. Power or not? hahahaha
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kizarny is super power
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Wtf.
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Originally posted by seotiblizzard:
i rikes kizarny
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Originally posted by fatone:
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Originally posted by seotiblizzard:
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Originally posted by AndrewPKYap:
Everyone can see that the Japanese are honorable people and conducting their affairs with transparency and openness.
The word honorable here in Japan makes me wonder if there was such thing during the Samurai daysJapanese transparency and openness is when someone has screwed up or is caught red handed .
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The Japanese, as everyone can see and tell are much more honorable. They admit their mistakes and resign instead of letting their father in law and his cronies promote them. Some people have no shame.
It was a sight to behold when one Japanese Prime minister after another resigned as compared to dishonorable despots that will use the office of the prime minister to "fix" the opposition, making it the office fit for gangsters. They are so arrogant and dishonorable they will persecute dissidents and opposition.
The will manipulate the press to sell their propaganda.
That is why this is happening now:
Singapore Dollar vs Japanese Yen Spot Historical Stock Chart
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... and they will continue to take massive amounts of public money even when their son had cancer and they have a wife suffering an inhuman painful death...
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Everyone can see that the Japanese are honorable people and conducting their affairs with transparency and openness.
http://www.jpri.org/publications/workingpapers/wp76.html
I believe this is the only response i need to give.
For those who are afraid that it's a virus link, lemme just post a quote.
Students of Japanese government disagree over the prospects for purifying a system that has been characterized as "rotten to the core."16 Some contend that "there is far less corruption now than there was in the past" and predict that corruption is "almost certain to continue to decline in importance" in years to come.17 Others argue that corruption "will continue to flourish in Japan" because its cultural roots are deeply imbedded in government and society.18 I doubt that corruption in the bureaucracy has declined. If anything, the number and seriousness of bureaucratic scandals have increased during the last decade (although the relationship between "corruption revealed" and "real corruption" is famously difficult to discern). Whatever the long-range realities, one may still ask who, ultimately, is responsible for the dirty messes Japan's government so frequently finds itself in. For me at least, this question admits no easy answer.
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Originally posted by AndrewPKYap:
The Japanese, as everyone can see and tell are much more honorable. They admit their mistakes and resign instead of letting their father in law and his cronies promote them. Some people have no shame.
It was a sight to behold when one Japanese Prime minister after another resigned as compared to dishonorable despots that will use the office of the prime minister to "fix" the opposition, making it the office fit for gangsters. They are so arrogant and dishonorable they will persecute dissidents and opposition.
The will manipulate the press to sell their propaganda.
That is why this is happening now:
Singapore Dollar vs Japanese Yen Spot Historical Stock Chart
As we all know it politics is dirty but if you understand Japanese style government you would surely shake your head.There are so many father/son prime ministers like the previous Mr Fukuda (and akan datang Mr Nakasone in a few years time.Even Aso's father was notorious for running a mine company that used allied prisoners as slaves.
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