WDEL ALERT: I-495 bridge fully open



WDEL Blog: Allan Loudell

U.S. government shutdown / debt ceiling convulsions prompt renewed calls to dump the $

Once again, the Chinese are seizing on the chronic dysfunction in Washington - coupled with the debt ceiling standoff - to suggest the U.S. Dollar be displaced from its central role in the global financial system. (Of course, Beijing is the chief holder of U.S. debt.)

Fortunately, the Chinese Yuan, or a basket of currencies, don't represesent a viable replacement -- yet.

But, even if the President & Congress "kick the can down the road" -- as now seems likely -- the Chinese and others get new fodder for their longterm efforts to dethrone the greenback.

From The Los ANGELES TIMES---


http://www.latimes.com/business/la-fi-shutdown-china-20131015,0,260996.story


A more caustic treatment of this story - and extended analysis -- from Pepe Escobar in The ASIA TIMES...


http://www.atimes.com/atimes/World/WOR-02-151013.html

Posted at 7:26am on October 15, 2013 by Allan Loudell

<- Back to all Allan Loudell posts



Comments on this post:

Mike from Delaware
Tue, Oct 15, 2013 8:12am
This fits with Allan's topic as this morning on APR's [American Public Media] Market Place Morning Report broadcast, they did a story about how London is now the Chinese currency hub for the world. So the Chinese are becoming more and more the new power, even in the financial world. Below is transcript of that broadcast.

http://www.marketplace.org/topics/world/london-become-chinese-currency-hub

kavips
Tue, Oct 15, 2013 8:34am
True. Who ever is the world's biggest buyer, will be the one to set all prices... speaking figuratively of course...

It may take some time for official diplomatic policy to catch up to financial reality, but just as the dollar eventually took over from the pound, as China grows and Republican policies shrink our economy even further, it is only a matter of time...

kavips
Thu, Oct 17, 2013 3:02am
Furthermore, one has only to see the infrastructure investment China has made, while we flipped off a couple of trillion to play army the Middle East and Central Asia, to understand that this is eventually coming.

As did Britain eventually have to kow-tow to us, we are going to have to give up our power to call the shots... over to China.

Anyone who says government can't create jobs is ignorant about China. The reality is that we choose to hide behind the luxury of admonishing big government, while China proves what is possible anytime a government can take off without restraints.


Add your comment:
Attention: In an attempt to promote a level of civility and personal responsibility in blog discussions, we now require you to be a member of the WDEL Members Only Group in order to post a comment. Your Members Only Group username and password are required to process your post.

You can join the WDEL Members Only Group for free by clicking here.
If you are already a member but have forgotten your username or password, please click here.

Please register your post with your WDEL Members Only Group username and password below.
Username:
Password:
Comment:
 










Copyright © 2014, Delmarva Broadcasting Company. All Rights Reserved.   Terms of Use.
WDEL Statement of Equal Employment Opportunity and Outreach