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2008 -
October 2008
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Written by Thaddeus Blanchette
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Sunday, 26 October 2008 22:39 |
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I'm a USA watcher from way back and, unlike most Brazilians, I actually happen to know a bit about the country's politics and history, having grown up and taken my undergraduate degree there. But even I've been surprised by the amount of doom and gloom coming out of Yankee mouths these days. To hear some Americans talk, you'd think the country has finally rolled up and died, exactly what every old-school Brazilian communist has been predicting for six decades now.
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For all practical purposes the international monetary system based on the US dollar is dying a very quick death. That international monetary system has died at the same time that the US economic system had a quick demise, and the United States that most people remember belongs only to the history books. Right now nobody knows what kind of economic system will rise from the ashes of the old US capitalist and economic system.
During the current financial crisis it became clear that the US economic and financial system is in deep trouble and close to a total collapse, and only heavy US government intervention in the financial system is the reason why the system still afloat. The US government is also nationalizing a large portion of the US economy and in this new system access to money to operate the US economy and financial system it will be decided by the politicians in Washington D.C. The American politicians and the army of lobbyists in Washington are going to decide how the new US economy works.
It is clear to me that the end of the current international monetary system based on the US dollar is finally here, and the final collapse of the US dollar is around the corner, and you don’t need to be a rocket scientist to figure out that the world needs very urgently a new international monetary system designed for the 21st Century.
And right now even the Chinese have started figuring out that is something wrong with the current international monetary system, and now that the Chinese started waking up it’s just a matter of time for them to create a New Asian Currency and the new international monetary system to start to gel and finally become a reality.
If you want to learn why the US economic system is at the edge of the abyss and very close to a total collapse then read the following information posted on the Elite Trader Economics Forum. My screen name on that forum is SouthAmerica.
Stock Market Crash in 2008
http://www.elitetrader.com/vb/...did=106795
Over 75 years ago Wall Street Crashed; but today the New Crash is already underway...
http://www.elitetrader.com/vb/...did=117003
Hedge Funds and the U.S. Financial Markets
http://www.elitetrader.com/vb/...adid=61875
Financial Derivatives Market Meltdown
http://www.elitetrader.com/vb/...adid=57218
The Next Meltdown: Credit-Card Blowup Ahead
http://www.elitetrader.com/vb/...did=141038
FDIC insurance and the US economy
http://www.elitetrader.com/vb/...did=139061
It’s 2008. The U.S. Has Dragged the World into a Depression
http://www.elitetrader.com/vb/...did=124509
The end of the line for an international monetary system based on the “US dollar”
http://www.elitetrader.com/vb/...did=137804
The US dollar and the biggest default in history
http://www.elitetrader.com/vb/...did=121313
Central Banks and the US Dollar
http://www.elitetrader.com/vb/...adid=81958
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“U.S. has plundered world wealth with dollar hegemony: China government newspaper”
Reuters - Fri Oct 24, 2008
By: Simon Rabinovitch
BEIJING (Reuters) - The United States has plundered global wealth by exploiting the dollar's dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday.
The front-page commentary in the overseas edition of the People's Daily said that Asian and European countries should banish the U.S. dollar from their direct trade relations for a start, relying only on their own currencies.
A meeting between Asian and European leaders, starting on Friday in Beijing, presented the perfect opportunity to begin building a new international financial order, the newspaper said.
The People's Daily is the official newspaper of China's ruling Communist Party.
Its pronouncements do not necessarily directly voice leadership views. But the commentary, as well as recent comments, amount to a growing chorus of Chinese disdain for Washington's economic policies and global financial dominance in the wake of the credit crisis.
"The grim reality has led people, amidst the panic, to realize that the United States has used the U.S. dollar's hegemony to plunder the world's wealth," said the commentator, Shi Jianxun, a professor at Shanghai's Tongji University.
Shi, who has before been strident in his criticism of the U.S., said other countries had lost vast amounts of wealth because of the financial crisis, while Washington's sole concern had been protecting its own interests.
"The U.S. dollar is losing people's confidence…
Source: http://www.reuters.com/article...XX20081024
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