Saturday, August 6, 2011
China Calls for International Supervision Over Dollar
America’s chickens have come home to roost. The outrageous spending by the D.C. swamp monsters has put our nation in peril. And now China, our biggest creditor, is scolding the reprobates:
China -- the United States' biggest creditor -- said Washington only had itself to blame for its plight and called for a new stable global reserve currency.
"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," China's official Xinhua news agency said in a commentary.
It only gets better:
In the Xinhua commentary, China scorned the United States for its "debt addiction" and "short sighted" political wrangling.
"China, the largest creditor of the world's sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China's dollar assets," it said.
It urged the United States to cut military and social welfare expenditure. Further credit downgrades would very likely undermine the world economic recovery and trigger new rounds of financial turmoil, it said.
But that’s not the only demands that China is making. Now, they want a global committee to oversee the U.S. dollar:
"International supervision over the issue of U.S. dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country," Xinhua said.
You can expect more clamoring from other totalitarian regimes. They smell weakness.