The front-page commentary in the overseas edition of the People's Daily said that Asian and European countries should banish the U.S. dollar from their direct trade relations for a start, relying only on their own currencies.

Of course they are right about the imbalances and the US betrayal of the "trust" inherent in its status as steward of the global reserve currency; but it is pretty ingenuous to ignore the role the rest-of-world leaders had in "buying into" the dollar system. In the case of China, for example, no one was forcing them to peg their currency and as a result accumulate trillions in extra dollar reserves, doing as much as Greenspan ever did (if not more) to stoke the financial bubble in the US.

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