De-Americanised’ world needed after US shutdown: China media

Press TV — Oct 13, 2013

China’s official news agency on Sunday said the world should consider ‘de-Americanizing’ the international financial system, amid the continuing threat of a US default.

As a political stalemate persists over the US government’s budget and debt ceiling debate, experts warn of terrible consequences for the world economy if the US defaults.

China has previously issued repeated warnings about the danger of a US default because of the threat to Chinese investments in the US.

“As US politicians of both political parties (fail to find 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 commentary on Xinhua said.

“Such alarming days when the destinies of others are in the hands of a hypocritical nation have to be terminated,” the news agency added.

“A new world order should be put in place, according to which all nations, big or small, poor or rich, can have their key interests respected and protected on an equal footing.”

The comments in Xinhua were part of a lengthy commentary against American hegemony since World War II.

“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 agonized,” said the commentary.

China is the largest foreign holder of US government debt and has roughly 60 percent of its $3.5 trillion foreign currency reserves invested in US assets.

“Instead of honoring its duties as a responsible leading power, a self-serving Washington has abused its superpower status and introduced even more chaos into the world by shifting financial risks overseas,” but equally stoked “regional tensions amid territorial disputes, and fighting unwarranted wars under the cover of outright lies” the commentary said, referring to the wars in Iraq and Afghanistan.

AHT/DB

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