China has the power to lead the dollar like a sheep to slaughter

China has the power to lead the dollar like a sheep to slaughter

gata.org

As the largest holder of US debt, China has the power to lead the dollar like a sheep to slaughter, which is precisely what Hu Jintao signaled earlier this week when he derided the dollar as a “product of the past” and called for its replacement with a new global monetary system based around the Chinese yuan. Indeed, when US Treasury Secretary Timothy Geithner gave a speech in which he claimed that the US dollar was strong, Chinese onlookers responded by bursting into laughter.

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China’s political and economic system is unsustainable in a modern world. Mao Zedong, the founder of the People’s Republic, built an abnormal society and then isolated it from all others. His system could survive as long as China was kept apart from the rest of the world, but Mao’s successors have sought to open the People’s Republic to the outside. As the country becomes more integrated with other nations, the same forces that apply around the globe—political, economic, and social—also affect China. At some point in this process Mao’s abnormal system will give way because it is fundamentally incompatible with the role that China now seeks to occupy in the international system. Soon, the Chinese government will not be able to meet the challenges posed by an open and dynamic society.

gata.org
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I dont know where you get your information from. But china only own 7% of the usa's debt. That's a very small precentage. Sure they could give the us a run for its money, but, by no means cripple the country or the dollar.

USA and the EU put themselves in a position to be destroyed by asian countries because they didn't take enough protectionist measures such as raising tariffs on all chineese products. I know we have capitalism throughout the globe but that does not mean we should let all manufacturing jobs leave us.

lack of unions=many working hours+low wages+injuries+no sympathy AKA SLAVERY!!!!!!!!!!!!!!

China is no more a communist republic...wake the hell up...its a capitalist dictatorship even worst than the USA and EU because the same people who ran communism now run capitalism with the same authoritarian style. At least with the USA and EU governments they pretend to be democratic while they screw you from behind.

Japan owns almost the same amount of US debt as China does. Why arent they ever mentioned? Oh i know why-they are the big bad wolf!!