China makes a play for Hegemon …

The following passage is hidden in the middle of a BBC Report on the loss of the US’s AAA credit rating yesterday:

Xinhua said: “China, the largest creditor of the world’s sole superpower, has every right now to demand the United States address its structural debt problems and ensure the safety of China’s dollar assets…

“International supervision over the issue of US dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country.”

The US is about as likely to accept foreign supervision of its budget as it is likely to allow Obama to win the next election.

via BBC News – As the US loses AAA, where is a safe harbour?.

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