Tuesday, March 24, 2009

China sounds off against the dollar

posted by Bill Arnett @ 12:39 PM Permalink

See this article from the NYT:
In another indication that China is growing increasingly concerned about holding huge dollar reserves, the head of its central bank has called for the eventual creation of a new international currency reserve to replace the dollar.

In a paper released Monday, Zhou Xiaochuan, governor of the People’s Bank of China, said a new currency reserve system controlled by the International Monetary Fund could prove more stable and economically viable.

A new system is necessary, he said, because the global economic crisis has revealed the “inherent vulnerabilities and systemic risks in the existing international monetary system.”
I have been predicting for some time now that a country such as China, with trillions of U.S. dollars in their treasury, would drop the dollar as the currency of choice for financial stability.

And who can blame them after the way gw bush raped and savaged our country, overseeing the largest transfer of money from the poor to the rich in all of history?

And I'm sure as I can be that other countries will be more than willing to follow China's lead. Got euros?

Good job, bushy.

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At 2:49 PM, Anonymous dra said...

and now, obama is gonna break bush's records

At 3:26 PM, Blogger Bill Arnett said...

Yes, cleaning up the mess left behind by the worst world leader EVER is going to be a very expensive endeavor, but there is no fair way to compare the records of bushy - motivated by greed and the ultimate power of a third world despot - and Obama, who has been motivated by altruism and a true desire to see this country put back on the right path, from which we were lead astray by bush.

As with automobiles, motorcycles, and a whole raft of items, preventative measures are always cheaper than corrective measures and I believe the same is true of our beloved country.

Besides, I'm still waiting for the true extent of bush's betrayal of America to become known, for with this much obvious damage, how much has dirt did he manage to conceal in his "black budgets" for his war follies and corporate fat cat feedings?

Thank you for your comment.


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