Careful what wish for

It's just been a few mere months since the eyes of the world were beckoning China to help bail out the world economy. Now China is flexing its political muscle and calling for a new currency to replace the dollar as the global standard.

There's been lots of finger pointing over the current global crisis. Some say the Chinese are to blame by investing heavily in US Treasuries and flooding the market with easy cash - thus lulling the Fed into holding interest rates too low for too long. The Chinese say the Fed was indeed at fault, and those policies were not only misguided, but put the entire global economy at risk.

The Chinese feel that a different reserve currency, overseen by the International Monetary Fund, would help emerging and developing nations better manage their own economies.






http://english.aljazeera.net/business/2009/03/20093253587630765.html