This is the China editorial that even America’s myopic mainstream media reported on yesterday, however dismissively.
Has the time come for the rest of the world to decouple from the U.S. dollar and the interminable domestic wrangling of American politicians? For China’s state-run Xinhua News Agency, columnist Liu Chang lays out the case for a ‘new world order’ free of a ‘hypocritical’ power that pretends to hold the moral high ground while it commits every form of misbehavior.
For Xinhua, Liu Chang writes in part:
BEIJING: With U.S. politicians of both political parties shuffling back and forth between the White House and Capitol Hill unable to strike a viable deal to bring normality back to their body politic – the one they like to brag about so much, it may be a good time for a befuddled planet to consider building a de-Americanized world.
Instead of honoring its duties as a responsible power, a self-serving Washington has abused its superpower status and introduced even more chaos into the world by shifting financial risk overseas, instigating regional tensions amid territorial disputes, and launching unwarranted wars under the cover of outright lies.
Thanks to Wall Street’s voracious elites, the world is still crawling out of an economic disaster. Most recently, Washington’s latest episode of failing to come up with a viable bipartisan way to pass a federal budget and lift the debt ceiling has again put the tremendous dollar assets held by many nations in jeopardy, and the international community greatly agonized.
Alarming moments like these, when the destinies of others are in the hands of a hypocritical nation, must be terminated and replaced with a new world order, under which all nations, large or small, rich or poor, have their key interests respected and protected on an equal footing.
In addition, the world’s financial system must embrace substantial reform.
A key part of any effective reform could be the introduction of a new global reserve currency to replace the dominant U.S. dollar, so the international community is able to permanently avoid the spillover effects of the intensifying domestic political turmoil in the United States.
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