China Paper Urges 'new Currency Order' after Financial Tsunami

China Paper Urges 'new Currency Order' after Financial Tsunami

www.reuters.com

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'."

(visit the link for the full news article)

I just have to wonder, once again, if this is all being deliberately orchestrated by the PTB...

Devalue the dollar so much by just continually printing more out of thin air with these endless bail-outs, that eventually it's worth nothing, and then a NEW currency becomes the dominating world currency (AMERO, anyone?)...

Something to keep an eye on IMO...

"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."

www.reuters.com
(visit the link for the full news article)

You crazy guy..

There is no Amero and NAU, stop spreading conspiracies.. Shame on you..

::EDIT::

I do have to wonder.. How the hell are we going to pay for a 1 trillion dollar bail out if we don't have it..

Isn't this what happened in Afghanistan, the Taliban kept making money until like 2 million of their money was worth 1 American dollar.. Seems like America is on the fast track to hell.

[edit on 9/17/2008 by ThichHeaded]

You know your probably right.
It is probably all being orchestrated by some psychopaths for some stupid retarded reason.
But really at the end of the day, does any of it ever matter anyway?

What that means? when the China news papaer talks about creating a diversified currency and financial system and fair and just financial order that is not dependent on the United States.

That comming this fall China will not be on the US aution block ot buy out our debt?

Darn don't they get it? we need them to finance the corporate bail outs.

I don't see how you can say this is orchestrated, or that somehow what a writer in a Chinese newspaper has any barring on our monetary policy

Get real people, stop connecting dots that aren't there.

yes the united states has shown itself as irresponsible and entirely self serving when it comes to world economics.

most of thier actions have the purpose of serving themselves at the expense and detriment of others and the whole.
similiar things can be said of china and many other countries round the world.

everyones in it for themselves ,resulting in a fragmented system that pales in comparision to what is possible with economic actions and stratagems which are co ordinated to create a stable and fruitful global market.

ohhh what has become of our species , so much potential, so little time to fulfill it.

[edit on 17-9-2008 by welivefortheson]

Am I to believe that the giants of industry and commerce do not subscribe to the basic dictum of Adam Smith that the Market is self correcting? That "Laissez faire" has some credibility? The poor and the middle class must retool and be reeducated to find their places in a changing financial environment, but Capitalists must be rewarded for their bad decisions on the backs of the common man by socializing debt? Big Oil makes billions in profits yet barks at handing a token to consumers. Profit is sacred and private, but Corporate debt is the responsibility of the community? Hypocrisy Lives!

Right now the United States is the lynch pin of world economics when we do bad they do bad this article is talking about creating a world economy not based on US this is highly unlikely to happen we supply all the cool tech to othrer countries and quite frankly no one wants the garbage made in china but the US.

As one analyst worryingly said;

In 2012, London will be internationally recognised as the financial capital of the world (after its friendly competition with New York) and the Euro will be the most significant currency in the world*. The media isn't reporting the fact that Asia is very reluctant to invest in American assets at the moment.

And also, European politicians are not scared to regulate and the markets are not resisting it either - infact, the major banks are calling for it.

*I believe the Chinese are referring to the Euro in their remarks.

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

$239,500,000,000

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.

The chinese are probably so fed with the fed reserve being manipulated by london, and sending the whole world into a spin, when they say jump.

If i was any of you guys, i would look at who controls the fed, and its not america.

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

$239,500,000,000

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.

yes and that is what was injected over 2 days,the credit crunch(of which ive named and designed a tasty sandwich after) has been going on for nigh on a year with numerous injections of cash that match the amounts you mentioned.
also one must include debt which has been transfered elsewhere,i believe fannie may plus its namesake and aig alone are near £1.5 trillion.so many such transfers of debt have occured and its all to the taxpayer ,in england one such mass event was undertaken in which all the banks gave the liability of the debt to the taxpayer,the amount of debt will never be revealed,the excuse,it would destabilize the markets

i wonder how much the average taxpayer is now in debt?,it think aig put each american in £18000 worth.....things are getting REALLY ugly!