Activist Post
The Red Dragon is roaring. The headline news over the weekend was that Chinese President Hu Jintao called
the currency system a "product of the past." Hu believes that Chinese currency will likely become the world's currency within the not-to-distant future. On the heels of that announcement, a
Financial Times article highlights the role that China already has within a new system of globalization; one that supplants the U.S. as a key trading partner at the hub of the global trade wheel.
Here is a perfect summary of the current situation:
Over the past few decades, China has benefited hugely by hitching itself to a process of globalization where the rules were written in Washington and the American consumer was the buyer of last resort. China prospered by making first the socks, then the washing machines and finally the iPods sold at Walmart.
