China economist blasts dollar dominance on eve of G20

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Infohawk

Lifer
Jan 12, 2002
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"Nations around the world have no way of restricting dollar issuance by the Federal Reserve. The current international monetary system lacks both stability and fairness," Xu wrote.

LOL. Everybody knows that before they buy US debt. If China is so worried about it they don't have to buy US treasuries. Nobody's forcing them to do that.
 

bfdd

Lifer
Feb 3, 2007
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good, our dollar should be blasted. if i was china i would be pissed about the qe bs
 

irishScott

Lifer
Oct 10, 2006
21,562
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Why would the US be screwed if the dollar stopped being the global currency?

I'm no economist, but wouldn't that just accelerate the deadline for the gov defaulting on foreign loans? Without a reliance on the dollar, much less motivation to keep it afloat.
 

Siddhartha

Lifer
Oct 17, 1999
12,505
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81
This economist could be speaking for China. Perhaps China will allow their currency to float to its real value.

Economically, China is so in bed with the US they would be crazy to do anything to kick the US out. Is China crazy?
 

LegendKiller

Lifer
Mar 5, 2001
18,256
68
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This economist could be speaking for China. Perhaps China will allow their currency to float to its real value.

Economically, China is so in bed with the US they would be crazy to do anything to kick the US out. Is China crazy?

They can't allow a float. They know it. They also know they can't afford to destroy the dollar. They also know what Bernanke is doing to them and they hate it.

They made this poison cake over the last decade and now they're eating it. China is massively pissed because they are trapped.

Whose fault is that? Not the US, not the Fed, not the Gov't. It's their fault. Had they stuck to the original use of the dollar peg, as a legitimization of their currency, they would have been fine. However, they abused the peg and are now paying the price.
 

Matt1970

Lifer
Mar 19, 2007
12,320
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This economist could be speaking for China. Perhaps China will allow their currency to float to its real value.

Economically, China is so in bed with the US they would be crazy to do anything to kick the US out. Is China crazy?

So True Especially the Bold.
 

MotF Bane

No Lifer
Dec 22, 2006
60,801
10
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They can't allow a float. They know it. They also know they can't afford to destroy the dollar. They also know what Bernanke is doing to them and they hate it.

They made this poison cake over the last decade and now they're eating it. China is massively pissed because they are trapped.

Whose fault is that? Not the US, not the Fed, not the Gov't. It's their fault. Had they stuck to the original use of the dollar peg, as a legitimization of their currency, they would have been fine. However, they abused the peg and are now paying the price.

Yep, Xu's just raging out.
 
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