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Debt Ceiling: China Calls for World to Be 'De-Americanised'

Posted by on Oct. 13, 2013 at 4:04 PM
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Debt Ceiling: China Calls for World to Be 'De-Americanised'


Chinese government mouthpiece says 'Pax Americana' has failed on all fronts

Xinhua calls for de-Americanised world
Xinhua calls for de-Americanised world

China's official news agency has called for the creation of a "de-Americanised world", saying the destinies of people should not be left in the hands of a hypocritical nation with a dysfunctional government.

Heaping criticism and caustic ridicule on Washington, the Xinhua news agency 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-Americanised world," the editorial said.

It asks why the self-declared protector of the world is sowing mayhem in the financial markets by failing to resolve political differences over key economic policy.

"... 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.

A US debt default and consequent credit downgrade would significantly erode the value of China's holdings.

As the first step in creating a de-Americanised world, all nations must try to shape an international system that respects the sovereignty of all nations and ensures the US keeps out of the domestic affairs of others, Xinhua said.

"The developing and emerging market economies need to have more say in major international financial institutions including the World Bank and the International Monetary Fund, so that they could better reflect the transformations of the global economic and political landscape," the editorial says.

It also called for an end to the use of the US dollar as the international reserve currency, a step that would ensure the international community could maintain a safe distance from the side-effects of domestic political turmoil in the United States.

To report problems or to leave feedback about this article, e-mail: j.jacob@ibtimes.co.uk
To contact the editor, e-mail: editor@ibtimes.co.uk

by on Oct. 13, 2013 at 4:04 PM
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Replies (1-10):
4kidz916
by Gold Member on Oct. 14, 2013 at 9:54 AM
4 moms liked this

United we stand...divided we fall.  The other countries are smart enough to see this, I don't know why our own govt can't see it.  I'm afraid this could be a big push in our falling.  

-Celestial-
by Platinum Member on Oct. 14, 2013 at 1:16 PM
As the first step in creating a de-Americanised world, all nations must try to shape an international system that respects the sovereignty of all nations and ensures the US keeps out of the domestic affairs of others, Xinhua said.



What a concept. We shouldnt be meddling anyhow, thats one of the reasons our debt is so high.
Billiejeens
by Ruby Member on Oct. 14, 2013 at 1:22 PM
1 mom liked this

This is simply part of that - Transformational Change - he mentioned.

NWP
by Guerilla Girl on Oct. 14, 2013 at 2:20 PM
1 mom liked this

Sounds good the way they wrote it...but I seriously doubt China's call out for this to happen is not a front for positioning themselves as the replacement for more of the same.

Quoting -Celestial-:

As the first step in creating a de-Americanised world, all nations must try to shape an international system that respects the sovereignty of all nations and ensures the US keeps out of the domestic affairs of others, Xinhua said.



What a concept. We shouldnt be meddling anyhow, thats one of the reasons our debt is so high.


National Woman's Party


JanuaryBaby06
by on Oct. 14, 2013 at 2:43 PM
2 moms liked this

Who didnt see this happeneing? China is freaking out because of how much money they have invested in us, they arent alone just one of the 1st to realy speak up. If we default we are making alot of enemies.

A far as the currency goes this is something that China has wanted for along time. They are, without a doubt positioning tke over Ameicans spot. We ae no to big too fall, & we are heading in that direction now. This is eallyscary If our money is nolong World currency alot will change for us.

NWP
by Guerilla Girl on Oct. 14, 2013 at 2:50 PM
1 mom liked this

I do think China sees this as an opportunity.

We are fools to offer it up to them.

Quoting JanuaryBaby06:

Who didnt see this happeneing? China is freaking out because of how much money they have invested in us, they arent alone just one of the 1st to realy speak up. If we default we are making alot of enemies.

A far as the currency goes this is something that China has wanted for along time. They are, without a doubt positioning tke over Ameicans spot. We ae no to big too fall, & we are heading in that direction now. This is eallyscary If our money is nolong World currency alot will change for us.


National Woman's Party


Clairwil
by Platinum Member on Oct. 14, 2013 at 3:00 PM
Quoting Ednarooni160:

It also called for an end to the use of the US dollar as the international reserve currency, a step that would ensure the international community could maintain a safe distance from the side-effects of domestic political turmoil in the United States.

It would probably be a basket of existing currencies, that would include the dollar as its largest component (though not more than 50%).

It isn't a particular bad idea, seen from an international perspective, though it would likely cost the American tax payer somewhere in the region of an additional $400,000,000,000 each year.

Clairwil
by Platinum Member on Oct. 14, 2013 at 3:03 PM
Quoting JanuaryBaby06:

A far as the currency goes this is something that China has wanted for a long time.

Unsurprising, really.   They are forced to keep a large stock of American treasury bonds (basically part of America's federal national debt), to give other countries confidence that their own Chinese currency is backed by something reliable.   They'd prefer to be investing that money in their own economy, and they'd prefer not to be so vulnerable to American inflation.   Anyone in that position would.

Clairwil
by Platinum Member on Oct. 14, 2013 at 3:08 PM
Quoting NWP:

We are fools to offer it up to them.

Hard to pin the blame on any one person or institution.

(A) The Tea Party caucus of the GOP are to blame for the credit rating downgrade (and the election district re-drawing rules are partially to blame for them having such influence in the first place)

(B) The economic crisis happened on Bush's watch, and he could have headed it off if he'd passed the correct legislation at any point in the previous 6 years.   (So could Clinton, but the problem was more obvious the closer to the crisis it got)

(C) The financial industry (and the watchdogs) screwed up, as did the politicians for not structuring things to make the big financial institutions care sufficiently about screwing up

(D) The voters kept voting for wars and other luxuries, that they then paid for on credit (the national debt), taking too much advantage of the unnaturally low borrowing rates America enjoyed because of the reserve currency status of the dollar.

codfish
by Jen on Oct. 15, 2013 at 9:09 AM
1 mom liked this
Our national debt has exploded under Obama and his cohorts.
The main part of the tea party is SMALLER GOVERNMENT! Do you even understand this? They have been screaming for our idiot elected officials to quit blowing money our unborn grandkids will be paying off.
It was Obama who blew a fortune to bail out those who got him into office.
No, I don't think we should have been in Iraq. However, we were bombed on our soil. So yes, Afghanistan was necessary. It took Obama's first entire term for him to end the crap in Iraq afted campaigning on ending it on his first day in office.


Quoting Clairwil:

Quoting NWP:

We are fools to offer it up to them.

Hard to pin the blame on any one person or institution.

(A) The Tea Party caucus of the GOP are to blame for the credit rating downgrade (and the election district re-drawing rules are partially to blame for them having such influence in the first place)

(B) The economic crisis happened on Bush's watch, and he could have headed it off if he'd passed the correct legislation at any point in the previous 6 years.   (So could Clinton, but the problem was more obvious the closer to the crisis it got)

(C) The financial industry (and the watchdogs) screwed up, as did the politicians for not structuring things to make the big financial institutions care sufficiently about screwing up


(D) The voters kept voting for wars and other luxuries, that they then paid for on credit (the national debt), taking too much advantage of the unnaturally low borrowing rates America enjoyed because of the reserve currency status of the dollar.

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