[International Herald Tribune, France]

Global Times, People's Republic of China

American Arrogance Will End Dollar's Dominance

Does America's fiscal 'vitality' depend on 'voluntary international fiscal blood donations'? This editorial from China's state-controlled Global Times asserts that America's habit of equating 'economic globalization to the globalization of American interests' and its rampant printing of money will soon spell the end of the U.S. dollar as the world's reserve currency."

EDITORIAL

November 12, 2010

People's Republic of China - Global Times - Original Article (English)

Former French President Charles de Gaulle once lamented that the American dollar enjoys an "exorbitant privilege." This privilege is now triggering protests across the globe. The United States ought not turn a deaf ear to these indignant voices, or the leading position of U.S. dollar will gradually be buried.

What the U.S. Federal Reserve seeks to do is print $600 billion and pump it into the economy - and the Americans clearly understand the impact of FED's move on other countries.

Nevertheless, the U.S. appears determined to equate economic globalization to the globalization of American interests. Barack Obama said in a letter written before the G20 Summit that "strong growth and job creation" would be the "most important U.S. contribution to the global recovery." We sincerely hope he will not repeat such meaningless words in Seoul today.

Only with a multilateral solution among the major powers will a steadier global economic order be sustained.

Globalization is what rallies both developed and emerging powers. The U.S. is the one that decided most of the rules of globalization. And it was the first to propose a common strategy to confront the crisis by initiating the G20 summit. And yet it's American selfishness that has dragged the new mechanism into chaos.

As manager of the world's premier currency and by therefore dominating the global financial system, the United States enjoys colossal benefits. Beyond being a common form of currency, the dollar serves to provide blood transfusions to America's national economy. No matter how tepid the U.S. economy may be, it can turn on the printing presses and instantly bring growth back on track.   

Posted by WORLDMEETS.US

G20 President Nicolas Sarkozy says world must pursue

'international reserve asset not issued by one country.'

[click here or click photo to watch]

SEE ALSO ON THIS:

FTD, Germany: At G20, Obama Tastes Bitter Reality of American Decline

Global Times, China: China the Universal Scapegoat in 'Ugly' U.S. Midterms

The Telegraph, U.K.: Obama Closes G-20 with 'Pop' at China Over Trade

The Financial Times, U.K.: The G20's 'Seven Pillars of Friction'