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BEIJING (Reuters) - Threatened by a "financial tsunami," the world must consider building a financial order no longer dependent on the United States, a leading Chinese state newspaper said on Wednesday.
The commentary in the overseas edition of the People's Daily said the collapse of Lehman Brothers Holdings Inc (LEH.P: Quote, Profile, Research, Stock Buzz) "may augur an even larger impending global 'financial tsunami'."
"The eruption of the U.S. sub-prime crisis has exposed massive loopholes in the United States' financial oversight and supervision," writes the commentator, Shi Jianxun.
"The world urgently needs to create a diversified currency and financial system and fair and just financial order that is not dependent on the United States."
Originally posted by vox2442
A quick look through google's headlines shows the following
Japan - $30 Billion
Aus- $3.5 Billion
Norway $17 Billion
Bank of England $36 Billion
Russia $44 Billion
India $1 Billion
European Central Bank $100 Billion
Switzerland $8 Billion
A quarter of a trillion dollars. That's the amount of liquidity injected into currency markets on September 15 and 16 to keep things from crashing.
And that's not even all of it, I just got depressed searching and decided to stop.
I think the Chinese paper's got a point. Global markets are far too closely tied to the US economy.