"Hu goes on to discuss the RMB and inflation, but that's not particularly interesting. What's thought-provoking is his claim that "the current international currency system is the product of the past." China hawks and American hegemonists (I'm both) will be tempted to jump on this statement as a challenge to the U.S., which in a way it is. But it's worth overcoming for a minute our (justified) distaste for the Chinese regime, and pausing to ask this: Isn't Hu in this one respect right? And does the current international currency system of fiat money, with the U.S. as the reserve currency, serve U.S. or world interests?" Read more. "Question 4: Hu Jintao raises an important issue"
The Weekly Standard, January 17, 2011. Image by rinjith krishnan / FreeDigitalPhotos.net.