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U.S. has plundered world’s wealth with dollar according to China

October 26, 2008 by · Leave a Comment
Filed under: Global News 

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Well this is pretty strong language coming from the state-owned newspaper in China.  They are basically saying that we should not settle transactions in dollars and instead opt for settling trade in the native currencies.  This will create a new pricing standard based on other currencies so that over time, trade will not be just denominated in dollars.  

I would say that this would be a good thing for the long-term.  WIth a dual price for major items, we would not only see what the true value is but also we would see monetary inflation more clearly when one price rises to fast compared to the other.  

Press Release:

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.

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