China Calls For New World Reserve Currency, Blames U.S. Domestic Political Turmoil   Leave a comment

….and all this time I thought the GOP gave a damn about America….quoting:

Some of China’s (which as a reminder is the single largest offshore holder of US Treasury paper, and the second largest of all only second naturally to the Federal Reserve whose $85 billion in monthly monetizing “flow” is what is keeping rates from exploding higher) thoughts as captured in the Xinhua Op-ed:

–Reform of the world’s financial system should include the introduction of a new internatonal reserve currency to replace the U.S. dollar.

–The international community could thus permanently stay away from the spillover of intensifying domestic political turmoil in the U.S.

–Fiscal impasse in the U.S. is a good time for “befuddled world” to start considering building a “de-Americanized world”

–Impasse has left many nations’ dollar assets in jeopardy and the international community agonized

Other cornerstones should be laid to underpin a de-Americanized world, including respect for sovereignty, recognizing authority of UN in handling global hotspot issues and giving developing and emerging market economies more say in major international financial institutions

–Purpose of such changes is not to “completely toss the United States aside,” rather to encourage Washington to play a much more constructive role in addressing global affairs.(Zero Hedge)

And if the above happens…well:

Of course, if and when the day comes that the USD is no longer the reserve currency, kiss America’s superpower, or any power, status, which is now based purely on the USD’s reserve currency status, and the ability to fund half the US budget deficit with debt promptly monetized by the Fed, goodbye.(Zero Hedge)

H/T to Todays’ Comments

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Posted October 13, 2013 by Matthew in Uncategorized

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