In These New Times

A new paradigm for a post-imperial world

Fidel Castro reflects on China

Posted by smeddum on March 31, 2009

China in the international news agencies
(Taken from CubaDebate) Granma

IN reference to the Reflection entitled “China: the future great economic power,” taken from CubaDebate and published in our press on Monday the 30th, the majority of international news agencies only reported my criticisms of Biden’s statements in Viña del Mar. Only EFE devoted a few lines to the principal subject of the article at the end of its dispatch.
However, the mainstream press continues talking about China’s forceful economic power. Yesterday, the 29th, the DPA news agency stated that “China took the United States by surprise with its daring proposal to replace the dollar, as the central international currency, with a new ‘supermoney.’” It goes on to note that China is fighting against the dominant power of the United States in the world financial system, echoing the opinion of the Chinese Central Bank, which considers the crisis and its consequences throughout the world to be a reflection of the internal fragility and inherent risks of the international monetary system that its country wishes to change via a new reserve currency. In support of its thesis, it alludes to the fact that the famous British economist John Maynard Keynes proposed a global currency in the ‘40s.
The same cable points out that “China is aspiring to obtain an executive position within the IMF, an agency to date dominated by the United States and which, in line with G-20 precautionary measures, must assume national financial systems.”
“As the largest of the emerging countries, China exerts more influence in terms of poor states, particularly hit by the crisis.”
It reiterates in its argument the known fact that China, with a total of $740 billion in U.S. Treasury securities, is the principal creditor of the United States.
It should not be overlooked that Germany, headquarters of the DPA central office, is concerned at the ruinous role that U.S. economic policy is exercising on Europe. Germany is currently the industrialized country which exports the highest percentage of its GDP. The economic crisis is affecting it more than any other.
Word public opinion has the duty and the right to know more about the economic problems of a crisis that is presently hitting all the peoples of the world.

Fidel Castro Ruz
March 30, 2009
1:20 p.m.

Translated by Granma International

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