US has Plundered World Wealth with Dollar: China Paper

While the nationalist rhetoric here needs to be taken with a grain of salt, esp. as many believe that China has for many years artificially devalued its currency relative to the dollar to make its exports more attractive to us, the fact is that the dollar is in great danger imo, and we have ceded too much control to other countries in the trillions of dollar of debt that have been bought up by China, among others...This is also a huge problem I have with the bailout that will be financed by the issuance of further debt. As more and more of our treasuries are bought up by other countries, we cede more and more of our sovereignty. On the other hand, if our debt is not bought by the same countries, we are in even more dire straits imho...

BEIJING (Reuters) - The United States has plundered global wealth by exploiting the dollar's dominance, and the world urgently needs other currencies to take its place, a leading Chinese state newspaper said on Friday.

The front-page commentary in the overseas edition of the People's Daily said that Asian and European countries should banish the U.S. dollar from their direct trade relations for a start, relying only on their own currencie

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The People's Daily is the official newspaper of China's ruling Communist Party. The Chinese-language overseas edition is a small circulation offshoot of the main paper.

Its pronouncements do not necessarily directly voice leadership views. But the commentary, as well as recent comments, amount to a growing chorus of Chinese disdain for Washington's economic policies and global financial dominance in the wake of the credit crisis.

"The grim reality has led people, amidst the panic, to realize that the United States has used the U.S. dollar's hegemony to plunder the world's wealth," said the commentator, Shi Jianxun, a professor at Shanghai's Tongji University.