China Wants Non-U.S. 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.

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