China's official news agency has called for the creation of a "de-Americanised world", saying the destinies of people should not be left in the hands of a hypocritical nation with a dysfunctional government.
Heaping criticism and caustic ridicule on Washington, the Xinhua news agency called the US a civilian slayer, prisoner torturer and meddler in others' affairs, and said the 'Pax Americana' was a failure on all fronts.
The official news agency of China, which is seen as the pretender to the world's superpower crown, then rubbed in more salt, calling American economic pre-eminence just a seeming dominance.
"As US politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanised world," the editorial said.
It asks why the self-declared protector of the world is sowing mayhem in the financial markets by failing to resolve political differences over key economic policy.
"... 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 agonised," the agency said.
After all, it's not just our economy that will be sunk if the GOP suicide bombers detonate a debt default.
According to US Treasury Department data, China is the biggest foreign owner of US Treasuries at $1.28 trillion as of July. Besides, China also holds close to $3.5 trillion of dollar-denominated assets.
A US debt default and consequent credit downgrade would significantly erode the value of China's holdings.
So yes, China stands to lose billions, if not more, on a default situation. The GOP plans to pull the trigger, and now China is telling us to get our act together pronto.
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2 comments:
Ever notice how the folks that feel the need to loudly proclaim how exceptional they are - are not very exceptional? Exceptionally narcissistic, perhaps, but not exceptional.
Compare and contrast Bill Gates and Donald Trump - which one is constantly proclaiming his own brilliance?
People keep predicting that the Republican Party is doomed as the result of the crazies taking over. It hasn't happened yet, and it isn't likely to happen soon. Once their popularity shrinks to the point that voter suppression and gerrymandering isn't enough, there'll be a collapse.
However, hate is a powerful motivator. Plus, in any horror movie - it's always when you think the monster is vanquished that the most terrifying attack comes. Even after that, there's always a sequel.
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