Zhou Xiaochuan, China's Ben Bernanke, has proposed a new, international monetary standard to replace the current model of a US dollar-dominated market. No, evangelicals, it's not the "one world currency" from your End Times adventure stories. George Will, in his ridiculous bow tie, reminds us that:
[China's premiere] has rightly noted the unsustainable trajectory of America's high-consumption, low-savings economy. He has also decorously but clearly expressed sensible fears that his country's $1 trillion-plus of dollar-denominated assets might be devalued by America choosing, as banana republics have done, to use inflation for partial repudiation of improvidently incurred debts.
So it could be that China, the single largest holder of American foreign debt, might just be a tad concerned about their investment. Or, we can believe that the head of People's Bank of China is working for... THE DEVIL!
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