China is done appealing to the U.S. to end its shutdown and
is calling for a de-Americanized world. Leaders of the world’s second-largest
economy are expressing displeasure at a time when the U.S. can't seem to get
past the shutdown, and China’s considerable dollar assets seem in jeopardy.
The
official state news agency Xinhua said
on Sunday that since American politicians have yet to strike “a viable deal to
bring normality … it is perhaps a good time for the befuddled world to start
considering building a de-Americanized world.”
Chinese media last week have already implored the U.S. to
be responsible by ending the shutdown and not defaulting on its debts on the
Oct. 17 deadline.
China
has plenty of reasons to be concerned -- the most urgent being the $1.28
trillion U.S. Treasury bonds it is holding, which effectively bind the Chinese
economy, already stagnating, to the U.S.
“The cyclical stagnation in
Washington for a viable bipartisan solution over a federal budget and an
approval for raising debt ceiling has again left many nations’ tremendous
dollar assets in jeopardy and the international community highly agonized,”
Xinhua said in a commentary.
The U.S. hasn't acted responsibly
in its leading position in the world, the commentary said,
and 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.”
Since
the U.S. hasn't brought about “real, lasting peace,” China believes that
several steps should be taken to get the world ready for de-Americanization.
First, nations should respect sovereignty, and keep out of other nations’
domestic affairs, and only the United Nations should be handling global hotspot
issues. In other words, individual nations shouldn't wage military action
against others without a U.N. mandate.
Aside
from politics, the world’s financial system also has to be reformed, the
commentary continued. Developing economies need more say in major international
financial institutions, including the World Bank and the International Monetary
Fund, and a new international reserve currency should be introduced to replace
the U.S. dollar.
The commentary closed
by saying that it isn't possible to “completely toss the United States aside,”
and suggest that “politicians first begin with ending the pernicious impasse.”
Source:
IBTimes
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