The US has plundered global wealth by exploiting the dollar’s dominance, and the world urgently needs other currencies to take its place, a front-page commentary in the overseas edition of the Chinese Communist Party’s People’s Daily said Oct. 24. “The grim reality has led people, amidst the panic, to realize that the United States has used the US dollar’s hegemony to plunder the world’s wealth,” said the commentator, Shi Jianxun, a professor at Shanghai’s Tongji University.
“The US dollar is losing people’s confidence. The world, acting democratically and lawfully through a global financial organization, urgently needs to change the international monetary system based on US global economic leadership and US dollar dominance,” Shi wrote on the eve of a two-day Beijing summit of the Asia-Europe Meeting (ASEM), consisting of 27 EU member states and 16 Asian countries. (Reuters, Oct. 24)
Oil-producing countries have already been moving towards ditching petro-dollars in favor of petro-euros.