Interesting article at the Post today talks about a Chinese officials calling on a “befuddled world” to “deAmericanise” in the wake of the IMF’s dire warning about another 2008 downturn should the US government default on its trillions of dollars of debt later this week. (Please read the complete editorial with commentary at Zerohedge: China’s Official Press Agency Calls For New Reserve Currency, And New World Order).
And you know what? It’s about time.
It’s past time really.
With FATCA looming and the US financial sector effectively holding everyone in the world hostage to their lunacy, why aren’t more countries working harder to find ways to exclude the United States and begin buying and selling in a currency other than the ubiquitous US dollar?
Sure, the US has held the monopoly and much that is money passes through their empire and greedy hands, but in terms of importance, dumping the dollar as the world’s reserve currency and moving to isolate America is probably more important to the survival of the people on planet Earth than figuring out how to minimize global warming.
It’s day 14 of the stand-off in Washington D.C. and despite the furious spinning of the media, none of the players in question are looking anything other than pre-schoolish and really, really wrong in terms of what they are doing. It would serve them and the misguided who voted for them (again) right if the default occurs on the 17th, but why should everyone else in the world suffer along with them?
And meanwhile in Canada? Harper is getting ready to set the population free … from cable tv bundling. Way to go, Prime Minister. Though it’s not quite fiddling while Ottawa burns, it’s close enough.