De-Americanised' world needed after US shutdown: China media

by kelnchp on Sun 13 Oct 2013, 10:02 am

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De-Americanised' world needed after US shutdown: China media

by kelnchp on Sun 13 Oct 2013, 10:02 am

Beijing (AFP) - While US politicians grapple with how to reopen their shuttered government and avoid a potentially disastrous default on their debt, the world should consider 'de-Americanising', a commentary on China's official news agency said Sunday.
"As US politicians of both political parties (fail to find 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 commentary on state news agency Xinhua said.
In a lengthy polemic against American hegemony since World War two, it added: "Such alarming days when the destinies of others are in the hands of a hypocritical nation have to be terminated.
"A new world order should be put in place, according to which all nations, big or small, poor or rich, can have their key interests respected and protected on an equal footing."
Negotiations over how to end the budgetary impasse have shifted to the US Senate after House Representatives failed to strike a deal with President Obama on extending borrowing authority ahead of an October 17 deadline.
Beijing has in recent days issued warnings as well as appeals for a deal, all the while emphasising the inseparable economic ties that bind the world's two biggest economies.
"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," said the commentary.
China is the biggest foreign holder of US Treasury bonds, worth a total of $1.28 trillion according to US government data.
"Instead of honouring its duties as a responsible leading power, a self-serving Washington has abused its superpower status and introduced even more chaos into the world by shifting financial risks overseas," but equally stoked "regional tensions amid territorial disputes, and fighting unwarranted wars under the cover of outright lies" the commentary said, referring to Iraq.
It added that emerging economies should have a greater say in major international financial institutions the World Bank and International Monetary Fund and proposed a "new international reserve currency that is to be created to replace the dominant US dollar".
China has only slightly more weight than Italy at the IMF, which has been headed by a European since its creation in 1944.
A governance reform has been in the works for three years but its implementation has been blocked by the effective veto of the United States.

http://news.yahoo.com/americanised-world-needed-us-shutdown-china-media-053014967.html

by **Neno** on Sun 13 Oct 2013, 12:06 pm

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Re: De-Americanised' world needed after US shutdown: China media

by Neno on Sun 13 Oct 2013, 12:06 pm

"A new world order should be put in place, according to which all nations, big or small, poor or rich, can have their key interests respected and protected on an equal footing." wrote:

Called a rest and supported by each's on assets.

It added that emerging economies should have a greater say in major international financial institutions the World Bank and International Monetary Fund and proposed a "new international reserve currency that is to be created to replace the dominant US dollar". wrote:

This would wipe all US debts out as well as a reset IMHO.

China has only slightly more weight than Italy at the IMF, which has been headed by a European since its creation in 1944. A governance reform has been in the works for three years but its implementation has been blocked by the effective veto of the United States. wrote:

Other words, dream on!!

by Screwball on Sun 13 Oct 2013, 5:49 pm

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Re: De-Americanised' world needed after US shutdown: China media

by Screwball on Sun 13 Oct 2013, 5:49 pm

I asked a question of my contact today about debt restructuring and this is what I got!

There will be a process with agreement what happens to the creditors. Because it is necessary to keep employment going until there is a smooth transition to an asset-backed currency economy, there will not likely be a mass repudiation of debt and a crash of the financial sector. Chapter xi bankruptcy proceedings is the reply I got!