A two-day Asia-Europe Meeting (ASEM) of 27 EU member states and 16 Asian countries was set to open on Friday.The front-page commentary in the overseas edition of the People's Daily said that Asian and European countries should banish the U.S. dollar from their direct trade relations for a start, relying only on their own currencies.
A meeting between Asian and European leaders, starting on Friday in Beijing, presented the perfect opportunity to begin building a new international financial order, the newspaper said.
(Naked Capitalism)
FYI: U.S. private consumption peak at the rate of 9.1 trillions dollars a year with a population of 300 millions. The rest of 1.3 billions Chinese and 1.2 billions Indian combining about 2.5 billion Chindian only consume about $1.8 trillions dollar. The abrupt vacuum of U.S. consumer slow down is not easy to be replaced anytime soon. The world leaders need to get over the denial stage and admit that we are in at least a deep recession if not a looming depression.
US might be facing with limited choice in paying off its $10 trillion dollars debt = 620 miles of $100 dollar bills stacking side by side.
- Facing default of the USD
- Selling off Alaska
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