It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Mainstream Chinese public opinion holds that the country can learn lessons from the crisis as China makes its own financial reforms, helping it to attain a healthy balance between financial renovation and supervision.
Against that grain, a conspiracy theory has been aired in state-controlled media that the global financial crisis is perhaps a "currency war" waged by the West or some Westerners to contain the rise of China.
The xenophobic theory fails to explain why the West, or Western conspirators, would want to instigate such a devastating, almost suicidal, crisis, merely to contain China. Nevertheless, Oriental Outlook, a weekly published by the state-run Xinhua News Agency, carried a cover story in its October 30 issue headlined "Is the Financial Crisis an Outcome of Currency Wars?"
According to Song's book, a small group of European bankers from the period of Napoleon in the early 19th century has gradually gained control of the central banks of the United Kingdom, continental countries, and then North America. With their control of wealth, they secretly established a wide network of politicians, financiers and media moguls. Song links major events in modern history, such as the American Civil War, the two world wars, the Great Depression of the 1930s, the oil crises of the 1970s and the fall of the Soviet Union in 1990s, to the manipulation of a handful of Western private bankers.