The Birth of the ‘De-Americanized’ World. Beijing Calls for Creation of New “Reserve Currency” to Replace the U.S. DollarSubmitted by legalizeliberty on Tue, 10/15/2013 - 12:37
By Pepe Escobar
This is it. China has had enough. The (diplomatic) gloves are off. It’s time to build a “de-Americanized” world. It’s time for a “new international reserve currency” to replace the US dollar.
It’s all here, in a Xinhua editorial, straight from the dragon’s mouth. And the year is only 2013. Fasten your seat belts – and that applies especially to the Washington elites. It’s gonna be a bumpy ride.
Long gone are the Deng Xiaoping days of “keeping a low profile”. The Xinhua editorial summarizes the straw that broke the dragon’s back – the current US shutdown. After the Wall Street-provoked financial crisis, after the war on Iraq, a “befuddled world”, and not only China, wants change.
This paragraph couldn’t be more graphic:
„ Instead of honoring its duties as a responsible leading power, a self-serving Washington has abused its superpower status and introduced even more chaos into the world by shifting financial risks overseas, instigating regional tensions amid territorial disputes, and fighting unwarranted wars under the cover of outright lies.
The solution, for Beijing, is to “de-Americanize” the current geopolitical equation – starting with more say in the International Monetary Fund and World Bank for emerging economies and the developing world, leading to a “new international reserve currency that is to be created to replace the dominant US dollar”.