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Cartoon: What will you give me for a dollar?

Barack Obama US Dollar © Matt Buck Hack Cartoons
Barack Obama US Dollar © Matt Buck Hack Cartoons

From the New York Times, Zhou Xiaochuan, governor of the People’s Bank of China, said a new global currency reserve system controlled by the International Monetary Fund could prove more stable and economically viable than the US dollar. You can read his one-page think piece here.

This is a significant thing because China has vast holdings in US dollars, which are likely to be suddenly devalued (becoming ‘worth’ less to them) because of the credit easing, (or, printing of imaginary money) which the US government is now engaged in.

It is not coincidence that this idea is being floated by the Chinese, one week before the meeting of the G20 in London. They know America is weaker now as an economic power than it has been since the end of world war 2.

UPDATED: 11.20am. The BBC report is here.

The implications of a new global currency would be the effective end of US economic hegemony as the military and economic superpower and more of a multi-polar world.

Leave a Comment

  • mark

    Put all your money into tins of baked beans. If prices rise, you can sell; if prices fall, you can still eat.

  • Daniel Hoffmann-Gill

    Multi-polar is good right?

  • Lyn

    Multipolar that’s worse than bipolar right? How do they treat it?

    Only trying to make a joke. I take seriously what China is proposing and why they are proposing a new reserve currency. It bothers me that China has grown into such a power. I resent it but that’s just personal.

    Rest assured, dollar or no dollar, the Chinese are committed to selling the world plenty of cheap, crappy consumer goods including poisoned pet food and lead-based kiddy toys.

  • Daniel Hoffmann-Gill

    Be warned, Lyn is a racist and has some serious, nasty ass anti-Obama blog based shit over at her gaff.

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