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10/28/08

Revealed: China's politburo reads IncaKolaNews

In this post on October 22nd, I mused that the strong dollar policy is one being actively used by the USA to get through this financial crisis and maintain its position as the world's leader (at the general expense of other countries). As an excerpt here's the last paragraph of the original post:

Therefore, the USA is doing everything in its power to maintain a strong dollar, because it doesn't care so much about the whole world suffering as long as it remains the world's most important once the recession is finished. It will probably be encouraged in this effort by the other main industrialized countries that will also benefit from status quo. I repeat; the USA is and will continue to base its whole plan around one thing; "keep the dollar as strong as possible". It is the number one basic element of all its crisis planning.

I had quite literally dozens of mails hit my inbox because of that post, and for every positive comment there were seven that pulled my argument apart. However it looks like I'm not the only person thinking this way as the The People's Daily, mouthpiece of China's Communist Party, has just released an editorial on the ongoing financial crisis saying much the samething as I did. Here's the Reuters report on the issue which includes quotes from the article such as:

"The grim reality has led people, amidst the panic, to realize that the United States has used the U.S. dollar's hegemony to plunder the world's wealth," said the commentator, Shi Jianxun, a professor at Shanghai's Tongji University.

The Reuters article also puts in its own comment, saying:

(The People's Daily) pronouncements do not necessarily directly voice leadership views. But the commentary, as well as recent comments, amount to a growing chorus of Chinese disdain for Washington's economic policies and global financial dominance in the wake of the credit crisis.

Just remember where you read it first............