Asian Tiger blasts US over debt problems
China has roundly condemned the United States of America for its “debt addiction” and “short sighted” political wrangling. China, popularly called as the Asian Tiger, said the world needed a new stable global reserve currency.
China gave its first official comments on the United States losing its gilded AAA long-term credit rating from Standard & Poor’s in a harshly-worded commentary by the official Xinhua news agency on Saturday.
From Reuters.com:
“The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone,” Xinhua wrote.
China also said further credit downgrades would very likely undermine the world economic recovery and trigger fresh rounds of financial turmoil.
“International supervision over the issue of U.S. 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,” 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,” Xinhua said.
Tags: economic recovery, reserve currency, Xinhua
I had got a desire to begin my commerce, but I didn’t have enough of money to do it. Thank goodness my mate suggested to take the business loans . Thus I used the student loan and realized my desire.