The Telegraph headline blared, “World Should De-Americanise…”
The looming prospect of a US default on debt prompted China to call for the world to “de-Americanise”, amid warnings of a new global recession.
In China, Xinhua, the official government news agency, said that as American politicians continued to flounder over a deal to break the impasse, “it is perhaps a good time for the befuddled world to start considering building a de-Americanised world”.
The jibe came as Christine Lagarde, the International Monetary Fund chief, raised the spectre of a repeat of the 2008 financial crash as hopes dwindled for a resolution of the crisis over the debt ceiling and partial government shutdown.
Since this is supposed to be an insult from alleged “communists”—who are tyrants but whom I suspect care more about their net worth than about Mao or Marx—many Americans will probably get offended and claim that we need to maintain “an Americanized world.”
China isn’t complaining about our trade or our technological innovation or about our “freedoms” (assuming we have any left after importing their Big Brother surveillance habits and their police tactics). No, they’re complaining about our fiat currency and our shaky international banking system that makes everything dependent on US Treasuries. China is not standing on any moral high ground since they have supported this contrivance when it benefits them. But they are right, despite themselves. They are complaining about the system that began when the Federal Reserve was fastened onto the American people by mega-bankers and their lackey politicians.
So give “the devil” his due! The Chinese are right. To the extent that “America” means the fiat dollar and fractional reserve banking I think it would be great to “de-Americanize” the world—beginning with the United States!
Even if their panic is unjustified, the very fact that the entire planet is quaking in fear that the US might default on Treasuries is an indication that Treasuries are playing a far too important part in the world’s financial system. I can’t blame them.
And maybe once we have “de-Americanized” the world, we can re-Americanize our reputation. American should be known for Christian culture and non-crony capitalism, not fiat currency, fractional reserve banking, and foreign invasions.