China
Wants Non-US Based Financial System
September 22. 2008
One of China's leading
government backed newspapers,
the People's Daily, wants a non-U.S. based financial system, the world can
anchor its economies on. It’s not a bad idea, for the sole
reason, the U.S.
government sold out the nation’s citizens to an abusive
corporate structure, riddled with corruption and cronyism, that
spilled over and burned other nation’s economies.
The American people faithfully did the work,
laboring at jobs all across the land to support the economy and
pay their taxes in huge numbers (except Wesley).
This made the country
very wealthy. However, it was the White House and Congress
that allowed the deregulation of the banking industry, poor
oversight of the financial sector and then uncontrolled spending
and gouging, which caused the economic crisis.
They allowed corporate giants to batter the American people
with unreasonable and unreachable financial instruments that
were doomed to fail, whilst extracting as much money as possible
from hard working citizens they took advantage of.
People were sending in formal complaints to the SEC, FTC, FBI
and other U.S. entities charged with overseeing these companies,
but they were ignored by government workers who were told under
Bush and Congress, to look the other way, as these were giant
American corporations who could do no wrong.
The wrongdoing then reached
unprecedented heights,
because the corporations believed they could do anything and get
away with it…and that they did.
Not to mention, George Bush was in the White House busy
stealing things from all over the world, like oil, not paying
attention to what was happening at home, which was the financial
deterioration of America.
He allowed his presidential policy of
theft and gouging to carry on in corporate America unabated and
it destroyed one of America's greatest assets that is even more valuable than
oil - the housing market.
The nation’s very valuable housing market
collapsed. The American dream was never so out of reach, which
is a big part of life in the States.
Bush took care of himself and his cronies
that are easily traced to him (Halliburton, Enron and Big Tobacco from
Texas) and they became stinking, filthy, rotten rich, while Americans
became poor from the financial abuse and increased cost of
living.
All this stealing he did has amounted to nothing, as the
money in the U.S. treasury has been incinerated, due to having
to bail out companies like AIG (who deserved the help), Freddie
Mac and Fanny Mae and the excessive war spending.
I can only liken him to a not so bright bank robber that
holds up a bank and while speeding off from the scene of the
crime (that is his presidency) realizing there was a hole in the
bag he placed the stolen money in. Once again, all that stealing
and gouging amounted to nothing and America is in the red, when he did not
get the country in that condition.
The U.S. economy had all the elements necessary
to succeed during the Bush administration, but mismanagement, corporate
corruption, government greed and no oversight, destroyed what the American
people worked hard to build. Someone(s) should go to jail for that.
STORY SOURCE
China paper urges new currency order after "financial
tsunami"
BEIJING (Reuters) - Threatened by a "financial tsunami," the
world must consider building a financial order no longer
dependent on the United States, a leading Chinese state
newspaper said on Wednesday.
The commentary in the overseas edition of the People's Daily
said the collapse of Lehman Brothers Holdings Inc (LEH.P: Quote,
Profile, Research, Stock Buzz) "may augur an even larger
impending global 'financial tsunami'."
The People's Daily is the official newspaper of China's
ruling Communist Party, and the overseas edition is a smaller
circulation offshoot of the main paper.
Its pronouncements do not necessarily directly reflect
leadership views, but this commentary by a professor at
Shanghai's Tongji University suggested considerable official
alarm at the strains buckling world financial markets.
China's central bank earlier this week cut its lending rate
for the first time in six years, a move analysts said was aimed
at bolstering the economy and the battered stock market.
"The eruption of the U.S. sub-prime crisis has exposed
massive loopholes in the United States' financial oversight and
supervision," writes the commentator, Shi Jianxun.
"The world urgently needs to create a diversified currency
and financial system and fair and just financial order that is
not dependent on the United States."
http://www.reuters.com