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The following article was published in our article directory on November 9, 2010.
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G20 to Strengthen Weakened Financial Hegemony

Article Category: Business

Author Name: xia zihui

The upcoming G20 summit in Seoul November 11 to 12 meeting, the summit will be the exchange rate, the global financial safety net, reform and development of international financial organizations for the four main issues. In fact, G20 summit is still the core of a variety of topics of international reserve currency or the right of the world's leading currency issue, which is the essence of the international monetary system reform issues, and to solve this problem, we must first undermine the new U.S. financial hegemony efforts.

QE2 ahead of the U.S. war

Recently held meeting of G20 finance ministers and central bank governors noted that the members will strive to build the main market-oriented, reflecting the real situation of the economic development of the exchange rate system, and prevent a situation of competitive devaluations best to the explosive "currency war" cooling. However, a few days, the United States started the second round of the quantitative easing policy, namely, QE2, which is only separated from the end QE1 8 months. The end of March this year, QE1, the Fed bought 1.25 trillion U.S. dollars of mortgage-backed securities 3,000 billion of U.S. Treasuries and 1750 billion in agency securities, Bernanke, "to throw cash from a helicopter," accumulated about $ 1,725,000,000,000 . However, from the U.S. economic situation, QE1 little effect, in addition to rising commodity and stock markets, the economic growth remains weak, the unemployment rate to 7.4% from the end of 2008 all the way up, in the fourth quarter of 2009 reached 10% above, then fell back, but the beginning of this year in May for 6 months consecutive stay in the 9.6% high.

The eve of the G20 summit in Seoul, QE2's launch not a good feeling, reminiscent of last year's summit in Pittsburgh on the eve of the US tires safeguard, which is the tide of trade protectionism in the global anti-American to swim under the act, and the QE2 has obvious "currency war" suspect. From QE1 to the QE2, is the United States to implement a vivid manifestation of the new financial hegemony. United States switched its printing press, the crazy to the world output of U.S. dollars, increased by depreciation of the dollar appreciation of the currency world, the sovereignty of other pressures, to earn high international "seigniorage." First, the "nationalization of private debt", then "internationalization of national debt," so that other countries pay for the crisis in the United States, which is the United States preferred a "beggar thy neighbor" monetary policy.

As the largest creditor, China is facing a "currency war" a severe test. United States continues to put pressure on the RMB exchange rate, on the surface, the United States want to appreciation and depreciation of the dollar, increase exports and reduce trade deficit with China; In fact, the essence of intent is to make China's huge holdings of dollar assets shrink, shift the debt to China; and in accordance with the will of the U.S. financial capital, forced open the door to China's financial markets. Introduction of QE2, the United States for attempting to negative interest rates continue to rise with inflation, let the dollar fall, the United States into a world awash with liquidity, exports, which will continue to push up global inflationary pressures, severe shock the world economy.

The logic of the new financial hegemony

After the collapse of Bretton Woods international monetary system is basically carried around the U.S. dollar is the main international reserve currency or the world's dominant currency, the existing Bretton Woods international monetary system is a "copy." Under this system, non-monetary gold, currency reserves of gold to rid itself of constraints, based entirely on credit, the United States by virtue of the international monetary system "central country" status, and gradually established an international seigniorage privileges of the new financial hegemony. International dominance of U.S. monetary policy, has the privilege of money to the world output, without restrictions based on the needs of the domestic economy issuing currency, regulating the responsibility of the external imbalance transferred to other countries, to a certain extent, acting as a "world central bank "role, while other countries as it is exporting inflation and grab the object of physical assets.

Seigniorage constitutes a new international financial hegemony of the main contents of the new symbol of financial hegemony is established by the entire world system of currency stability to the center of inflation worldwide, the external currency out of control and even the regional financial crisis and the outbreak of the conflict pattern of transformation. Financial globalization, financial hegemony become the new tool, the output of the United States to plunder other countries, financial capital physical capital and natural resources. However, this model is not sustainable, the United States increasingly stable, while other countries continue to eclipse empty, the increasingly heavy burden of international seigniorage, facing out of control trend of the domestic currency, countries are reluctant to bear the enormous derogatory United States currency, the new financial hegemony will ultimately collapse.

Actively responded to the crisis the world

Must actively participate in international economic regulation. In the global context of economic adjustment, the traditional economic theory, "two hands" began to "four hands", the international "visible hand" and the "invisible hand" of the gradual strengthening of the domestic economy, while domestic "visible hand" and the "invisible hand" in an open economy on the domestic impact is gradually fading. In the context of global economic imbalances, the internationalization of domestic issues, international issues, domestic technology, has become a common phenomenon; the internationalization of economic regulation has become a necessity, the world must be strengthened international coordination of monetary policy, and actively, through bilateral and the multilateral system coordination and supervision of exchange rate coordination of capital, to strengthen global economic cooperation.

Promote international monetary system reform. Since the inherent weaknesses of the international monetary system, making the cyclical global economic imbalance, therefore, should actively promote the rationalization of the international monetary system improved, and the core of this improvement is to weaken the dollar, "the world's leading currency" status. G20 as the current major world economic power platform for dialogue, to undermine the new U.S. financial hegemony play an active role in the reform of IMF quota and management on the basis of the positive progress made, further increase in emerging market countries and developing countries in international financial institutions voice and representation, and improve multilateral coordination mechanisms to effectively promote balanced world economic growth.

Speaking from China, we must actively promote the internationalization of the RMB. To allow the yuan to become internationally accepted as soon as trading, pricing, settlement and reserve currency, China has gradually reverse the downturn in the international monetary system, an effective solution to China's largest trading and financial conflicts of small countries, to achieve a fundamental change in power to a power, let the yuan integration into the international reserve currency system to break the dollar now, under the auspices of the international reserve currency, the euro pattern, promoting the construction of a multipolar system of reserve currency.

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