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China Calls For The Creation Of A New Currency To Eventually Replace The US Dollar
By Bill Cara on March 24, 2009 | More Posts By Bill Cara | Author's Website
As evidence of China’s growing power on the world financial stage, People’s Bank of China (PBC) governor Zhou Xiaochuan has called for a new global reserve banking system, including possibly an International Monetary Fund originated currency to replace the US Dollar. Mr. Zhou should be commended for this paper. I believe that the stability of international trade depends on it.
http://tinyurl.com/cmheqr
The WSJ has reported on this development.
http://tinyurl.com/dkh479
In 2008, China saw 68,000 factories - mostly clothing, shoe and toy makers - go out of business, with the loss of millions of jobs. With the downturn that followed the cessation of trade-related credit from the US in September 2008, the Chinese government reported that 20 million jobs were, in fact, lost.
What Mr. Zhou is saying is that the US Federal Reserve banking system is to blame. What he hasn’t said is that he’s mad and not going to take it any more.
That’s next.
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