Castro : China's growing economic power in the world a "bitter drink" for the West

[Communist]

Smoke rising from the heart of India out of jealousy

Fidel Castro calls China 'bitter drink' for West - Rest of World - World - The Times of India
Fidel Castro calls China 'bitter drink' for West
31 Mar 2009, 1647 hrs IST, AFP

HAVANA (Cuba): Cuban leader Fidel Castro called China's growing economic power in the world a "bitter drink" for the West, ahead of a G20 summit set to tackle the economic crisis later this week.

"Recognising the growing role of China in the global economy is a bitter drink for the West," Castro wrote yesterday in an article on the Cubadebate website.

The ailing Castro, 82, criticised the way several international media organizations have covered China on the eve of a Group of 20 summit of major developing and industrialized nations in London on Thursday.

"The global public opinion has the duty and the right to learn more about the problems of an economic crisis that has struck all the peoples of the world," added Castro, now a frequent newspaper and online columnist.

He was sidelined nearly a year ago after major intestinal surgery, and handed power temporarily to his brother, interim president Raul Castro, 77.

The economic influence of China at the G20 summit will be "huge" as never before compared to the United States, the world's sole superpower, Castro added in another article published in the Cuban press.

"As you can see, the influence of the People's Republic of China at the London meeting will be huge from an economic point of view in the global crisis," he wrote.


Fidel Castro calls China 'bitter drink' for West - Rest of World - World - The Times of India

 

[Communist]

Another heart breaking mind blowing most shocking news for the Indians

China pushing to make Yuan world currency - China - World - The Times of India
China pushing to make Yuan world currency
30 Mar 2009, 1824 hrs IST, Saibal Dasgupta, TNN

BEIJING: China is assuring the United States it will do nothing to weaken the position of the dollar as the main international currency. But it

is also using the financial crisis to urge foreign countries to settle payments in Yuan instead of the US dollar.

The latest move involves a $10 billion currency swap deal with Argentina allowing importers in that country to make purchases from China in yuan instead of the dollar. Argentina on Monday became the fifth country after South Korea, Malaysia, Belarus and Indonesia to sign such a currency swap agreement with China.

Chinese central-bank governor Zhou Xiaochuan recently threw the cat among the pigeons by calling for a new global reserve currency to replace the dollar because the US currency was extremely vulnerable to wide fluctuations during this period of financial crisis.

The statement has caused a furors across capitals of several western nations because China holds one of the biggest stock of foreign reserves. Zhou’s views have been backed by Russian officials causing a lot of worries in Washington.

In London, the Chinese ambassador in United Kingdom, Fu Ying, was singing a different tune ahead of the coming G-20 Summit in that city. He told the BBC on Sunday that China was not calling for replacement of the dollar as the world's main currency. Zhou was merely contributing to an old debate when he made the statement about the US dollar, he said.

"It has been a long debate in the world. There's nothing new," she said. "And China is not calling for a replacement [of the dollar]. It is an article written by the governor of the central bank on his bank's Web site. I think he's joining the debate." Fu said.

But it is Zhou who signed the currency swap deal with Central Bank of Argentina Governor Martin Redrado on Monday. The decision takes China’s plans of making the yuan an international currency far beyond its immediate neighbourhood.

The country's premier Wen Jiabao recently expressed concerns about the safety of Chinese investments in US treasury bills. Chinese officials later tried to reassure a worried said China was not going to stop purchasing the US treasuries after the statement caused a lot of worries in the United States. This was immediately followed by another salvo from the central bank governor calling for replacing the US dollar with an internationally accepted reserve currency.

Beijing had earlier announced it would mainly focus on neighbouring countries and ASEAN nations for making the yuan an international currency. The latest move in Argentina shows China is taking advantage of the wide-spread apprehensions about the stability of the US dollar to expand its own currency programme far beyond the immediate neighbourhood.

The financial crisis has not dampened the spirit of Chinese officials trying to make the Yuan an international currency. Beijing recently granted a loan of $260 million Mauritius. The loan has a RMB component, sources said.

The Shanghai Municipal Government has come out with guidelines advising businesses to "do a good job in experimenting using RMB in international trade". The guidelines said they should "firstly boost Shanghai-based enterprises to pilot RMB in international trade payment with Hong Kong and Macau ".

What is more, the Chinese government is working on a proposal to extend financial assistance to developing countries in Yuan instead of the usual practice of doing it in the US dollar, sources said. Giving aid to poor countries in Asia and Africa in Yuan will encourage beneficiary them to spend at least part of the money in buying China made machinery and other goods, it is argued.

"The currency-swap deal is multipurpose," Joseph Yam, chief executive of the Hong Kong Monetary Authority, said recently after his organisation signed a currency swap agreement with the People’s Bank of China.

"On one hand, we can certainly use it if there is need for liquidity and for the purpose of financial stability. On the other hand, it's useful as far as development of yuan business is concerned, such as yuan trade settlement," he said.

China pushing to make Yuan world currency - China - World - The Times of India

 

[Patriot]

Chinese Economy depends on US so no, China will not think about a conflict with US.Not for at least two decades.

 

[Communist]

Chinese Economy depends on US so no, China will not think about a conflict with US.Not for at least two decades.

no no the report is not about direct military conflict but economic influence and domination over the West. This is an economic warfare... brother..

 

[Solomon2]

Why listen to Communist? After WWII the U.S. was half the economy of the entire planet. It would have been easy to keep it that way, but the past sixty years are proof positive that America preferred to grow the pie rather than hog it.

Mr. Zhou's views are sensible; China's growth and policy simply don't have the import that Castro and Communist attach to them. Zhou wants to re-issue the Special Drawing Right, a central bank currency developed in the 70s which later fell into disuse.

 

[jetLi]

Why listen to Communist? After WWII the U.S. was half the economy of the entire planet. It would have been easy to keep it that way, but the past sixty years are proof positive that America preferred to grow the pie rather than hog it.

Mr. Zhou's views are sensible; China's growth and policy simply don't have the import that Castro and Communist attach to them. Zhou wants to re-issue the Special Drawing Right, a central bank currency developed in the 70s which later fell into disuse.

Sir, You america have made a lots of debt all over the world
I eved doubt that you can pay fot it .
So you can just resort to the way of bullying, such as printing the Dollar and
currency devaluation

In fact ,America have kidnap all the world.

 

[Lockheed F-16]

El Commandante and former El Presidente is right, China will overtake USA in a while. USA is preparing its self destruction

 

[jeypore]

Sir, You america have made a lots of debt all over the world
I eved doubt that you can pay fot it .
So you can just resort to the way of bullying, such as printing the Dollar and
currency devaluation

Then One wonders why China keeps giving America money!!! Maybe it is the best country to bank on.

 

[Solomon2]

So you can just resort to the way of bullying, such as printing the Dollar and currency devaluation

We can hope that the resurrection of the SDR and other measures will have the effect of curbing excesses of dollar-printing and currency devaluation. However, the lesson of the euro was that to reduce the dollar's international role debts must be issued in another currency. Taking out loans for export doesn't cut it because they are counterbalanced by additional dollar-denominated loans at the other end. Other countries will have to take steps to increase domestic demand - raise the living standards of their own population - if they wish to have an effect.

 

[jetLi]

El Commandante and formel El Presidente is right, CHina will overtake USA in a while. USA is preparing its self destruction

I don't think so . But the world need some other power,
Can't leave the America as the only super power.

USA just like a ganster, do whatever they want

EU, Japan, Russia , China etc should say no to the USA

 

[Screaming Skull]

Chinese Economy depends on US so no, China will not think about a conflict with US.Not for at least two decades.

Well brother the bitter reality today is that the whole world is dependent on the US. Just hypothetically if US disappears from the world tomorrow, Chinese, Indian, Pakistani and countless other economies will implode. The US economy holds all the other economies of the world hostage.

Recession is a phenomenon that basically originated in the US and has spread to the whole world for no fault of several countries. This world order is a result of careful and meticulous planning of the US.

Fortunately or Unfortunately the world needs US more than any other country because it is the largest consumer of their goods. If there is a slump in the Chinese production countries like India, Pakistan, Brazil, Russia, Mexico etc. can supplant it. But the reverse however is not true because none of these counties have the purchasing power comparable to that of the US.

So all this talk of 'Who is the greatest' is utter BS. US needs China only as much as China needs US. Both have to work together to bring about the speedy economic recovery the world is desperately looking for.

But one thing is certain that China definitely has forced/dragged US to the discussion table. How they negotiate from here will be a soap opera that the world will enjoy watching on CNN and BBC.

 

[jetLi]

Well brother the bitter reality today is that the whole world is dependent on the US. Just hypothetically if US disappears from the world tomorrow, Chinese, Indian, Pakistani and countless other economies will implode. The US economy holds all the other economies of the world hostage.

Recession is a phenomenon that basically originated in the US and has spread to the whole world for no fault of several countries. This world order is a result of careful and meticulous planning of the US.

Fortunately or Unfortunately the world needs US more than any other country because it is the largest consumer of their goods. If there is a slump in the Chinese production countries India, Pakistan, Brazil, Russia, Mexico etc. can supplant it. But the reverse however is not true because non of these counties have the purchasing power comparable to the US.

So all this talk of 'Who is the greatest' is utter BS. China needs US only as much as US needs China. Both have to work together to bring about the speedy economic recovery the world is desperately looking for.

But one thing is certain that China definitely has forced/dragged US to the discussion table. How they negotiate from here will be a soap opera that the world will enjoy watching on CNN and BBC.

yeah, I agree with you.
America do kidnap all the world.
If America collapse torrow, lots of countries will destruction immediately.

 

[Screaming Skull]

yeah, I agree with you.
America do kidnap all the world.
If America collapse torrow, lots of countries will destruction immediately.

 

[Solomon2]

USA just like a ganster, do whatever they want

Countries ruled by bullies often share a common phenomenon: the thugs seek to deflect attention by portraying themselves as better than some other thug. It can take years for the oppressed population to catch on that oppressors who have shown themselves willing to commit injustice at home have no reason not to lie to them about the world abroad.

The reality is that bullies almost always knuckle under and conform to bigger bullies - they only rib those who stand up to them, and expect those in their power to do the same.

 

[BaburCM]

LOL @ the jealous Americans. Castro is the man!