People's Daily: U.S. has plundered world wealth with dollar

[L. Coyote]

U.S. has plundered world wealth with dollar: China paper
Fri Oct 24, 2008 - http://www.reuters.com/article/newsOne/idUSTRE49N1XX20081024


BEIJING (Reuters) - The United States has plundered global wealth by exploiting the dollar's dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday.

The front-page commentary in the overseas edition of the People's Daily said that Asian and European countries should banish the U.S. dollar from their direct trade relations for a start, relying only on their own currencies.

A meeting between Asian and European leaders, starting on Friday in Beijing, presented the perfect opportunity to begin building a new international financial order, the newspaper said.

The People's Daily is the official newspaper of China's ruling Communist Party. The Chinese-language overseas edition is a small circulation offshoot of the main paper.

Its pronouncements do not necessarily directly voice leadership views. But ...................

[RollWithIt]

1. Translation: Dollar went up, we don't own as much of the US debt as we used to...

This will be one of Obama's biggest challenges, telling the Chinese to stick our debt up their you know whats.