Calling it "financial looting," the piece blasts the Fed for its continued interest rate hikes, which are strengthening the dollar while weakening other currencies. With the way things are going, it "might be the beginning of another nightmare," the article warns.
"The strong dollar should not become a sharp blade to cut the world," the article reads. "A super strong U.S. dollar and the fall of other currencies will, to a certain extent, ease the scorching inflation in the U.S. economy, but the world will pay for it."
When this article was published, Asia's FX markets hit their lowest levels since 2003. (Learn more about how the Federal Reserve prints money out of thin air, diluting its value and ripping off Americans and the world.)
Ever since the end of World War II, the article goes on to state, the Fed has used dollar hegemony to engineer crises after crises, including "export crises," while looting the middle class.
"As a widely popular phrase in the West goes, the U.S. enjoys the exorbitant privileges created by the dollar and the deficit without tears, and used the worthless paper note to plunder the resources and factories of other nations," the piece explains.
"... while the political elites in Washington boast of the 'myth of the American system' and take credit for 'alleviating the crisis,' thousands of poor families around the world are being trampled by them."
China says the US dollar is "once again the world's problem"
America might seem prosperous, but is this just an illusion? And even if we do seem somewhat better off than certain other countries, at what cost was this achieved?
The Global Times piece addresses this by suggesting that the "prosperity" of the U.S. is hardly "clean and moral." The entire system is a Ponzi scheme that benefits a select few at the expense of everyone else.
"Today, the dollar is once again the world's problem," the piece says. "In a sense, it's hard to believe that the 'prosperity' of the U.S. is clean and moral."
"Washington keeps laying mines but never removes them, which will eventually explode the U.S. itself. The incompetence of U.S. financial policymakers has been exposed by the consecutive interest rate hikes that have contributed to the abnormal appreciation of the U.S. dollar with the purpose of defusing the severe inflation."
The newest financial crisis we are now entering could be the straw that breaks the camel's back as far as how the rest of the world treats the U.S. dollar. Very soon, it could lose its reserve status as China, among other countries, explores a path of "de-dollarization."
A diversification of the international monetary system is "inevitable," according to Zero Hedge. And the Global Times piece openly calls for a new financial system built on something other than the U.S. dollar.
"The instability and fragility of international financial markets have once again become prominent. It is precisely at such times that the international community should be more determined to cooperate and build a reliable, systemic and long-term multilateral international financial system. This cannot wait."
Before the power brokers in charge of the U.S. controlled global financial matters, Great Britain was at the helm. Before that, it was France, The Netherlands, Spain and Portugal.
"The BRICS can always create a multi nation gold backed currency," a commenter wrote.
"Russia, India and China could facilitate a huge shift in economic power overnight. At some point the BRICS will have nothing to lose by trying to create a gold backed currency."
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