US forces world to donate blood
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Former French President Charles de Gaulle once lamented the US dollar for enjoying an "exorbitant privilege."
Such a privilege is now triggering protests all over the world. The US should not turn a deaf ear to these indignant voices; otherwise the premier position of US dollar will be gradually buried.
What the US Federal Reserve seeks to do is to print $600 billion and pump it into the economy. Americans clearly understand the impact of Fed's move on other countries.
Nevertheless, the US seems determined to equate economic globalization to the globalization of American interests. Barack Obama said, "Strong growth and job creation would be the most important US contribution to the global recovery."
We sincerely hope he will not repeat such meaningless words in Seoul today.
Only through a multilateral solution by major powers can a steady global economic order be sustained. It is globalization that rallies both developed and emerging powers.
However, the US decided most of the rules of globalization. It was the first to propose common strategies against the crisis, and initiated the G20 summit. However, its selfishness dragged this new mechanism into chaos.
As the manager of the world's premier currency, the US enjoys colossal benefits in dominating the global financial system. Beyond being a regular currency, the US dollar also serves as a blood transfusion for the nation's economy.
No matter how tepid the US economy is, turning on the banknote printing press will instantly bring US growth back on track.
The US even brazenly indicated that its strong growth is good for the entire world, while ignoring the fact that its own health relies on a voluntary blood donation by the entire world.
The fundamental reason behind US recklessness is the lack of a global restrictive mechanism.
The world should come up with a powerful tool to bridle the US dollar and the people managing it. More than a few countries and organizations have considered setting up a sovereign reserve currency to replace the US dollar.
However, no substantial restrictive force has formed yet. As a result, the US is often able to disassemble opposition against it.
Just before the Seoul G20 summit, the US successfully convinced India and Japan to take its side.
The global financial system is in urgent need of democracy. It is hard to say how the US dollar is going to be replaced. However, all kinds of resistance will now emerge.
The more arbitrary the US dollar appears, the more fierce global resistance will get.
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