Threatened by a “financial tsunami,” the world must consider building a financial order no longer dependent on the United States, a leading Chinese state newspaper said on Wednesday.
The commentary in the overseas edition of the People’s Daily said the collapse of Lehman Brothers Holdings Inc (LEH.P: Quote, Profile, Research, Stock Buzz) “may augur an even larger impending global ‘financial tsunami’.”
The People’s Daily is the official newspaper of China’s ruling Communist Party, and the overseas edition is a smaller circulation offshoot of the main paper.
Anybody besides me harbor any thoughts about the latest crisis being intentionally exacerbated by financial terrorism conducted by, or on behalf of, our country’s enemies?
Daniel,
As quick as I usually am to see conspiracies ( George Soros >cough< oil prices >cough< ) we did this to ourselves. Between corporate greed, a desire to pump up the economy after the dot-com bust , government pandering to minority voters (anti-redlining rules, forced “ninja” financing under penalty of regulatory sanction ), and individual greed, we all had a hand in this mess.
Now if Iran tries to block the Straight of Hormuz to drive up the price of oil, that would certainly be economic terrorism, or more precisely, an act of war. It is always a good time for prayer.
Well actually linking the yuan to our dollar, and keeping the yuan from rising, thus stealing our industry was an act of aggression. Unfortunately it was collaborated with on Main street, who wanted cheapo chinese trinkets for the masses more than high paying union jobs for the relatively few. Thus, we turned a blind eye to this obvious disparity in trade, and became addicted to cheap goods made abroad, and our elites figured they could make higher salaries in the FIRE industry (finance, insurance, real estate) and who cared about those on the bottom who had to make do with low paying “service” jobs. At least, the service workers had cheap commodities to buy from China, so they didn’t need decent incomes.
Not precisely financial “terrorism”. Financial greed, sloth, envy and most of all financial stupidity on a massive scale.
May I point out that I voted for Ross Perot?