CHINA'S PRESIDENT: "DUMP DOLLAR FOR YUAN AS GLOBAL CURRENCY"

LIBERTY NEWS ONLINE:

On the eve of a U.S. visit, Chinese President Hu Jintao made the boldest statement yet on the future of the U.S. dollar as a reserve currency, calling the current global monetary exchange system “a product of the past” while promoting his own country’s currency as a replacement.

In written answers to questions from U.S. media, Hu roundly criticized the U.S. Federal Reserve for unleashing a wave of dollars into the world, prompting sharply rising inflation in places like China and India.

He also rejected the common U.S. complaint that China holds the value of the yuan artificially low to promote exports to support its own rise.

He called on changes to the currency reserve system in place today "to fully reflect the changing status of developing countries in the world economy and finance," reported The Wall Street Journal.

See also: See also: See also: The Day The Dollar Died , Shocking admission from Tim Geithner: U.S. on the brink of catastrophic collapse , Former Reagan budget director: U.S. has reached the point of no return, Is the End of America Near?