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Chinese Scholar: Crisis May Force U.S. to Take Unusual Measures to Maintain Its Global Hegemony

People Daily published an article written by Cheng Enfu and Yang Bin that analyzed the economic and financial strategies that the U.S. is using during the crisis. The authors are scholars from the Marxist Institute of the Chinese Academy of Social Sciences. Cheng is the director of the institute. The following is a brief summary the article:
As a capitalist country controlling a global economic and military hegemony, the U.S. will not allow the financial and economic crisis to erode its international position; it will not even tolerate the loss of the U.S. dollar’s dominance.

First, the U.S. Wall Street is utilizing its influence on the government and national regulations to further expand the position of U.S. financial monopolies over other industries and countries. For the U.S. to be injecting gigantic amounts of money to rescue the market is, in essence, a new innovative means of exploitation in which Wall Street kidnaps the government and the public to obtain extraordinary interests.

Second, the U.S. is trying to explore gaining extra interests even during the time of global economic stasis via strengthening its control over resources, carbon discharge, and intellectual property.

Third, the U.S. is still using neoliberal policies to misdirect the economic and financial reform of other countries, and to plot insidious economic and financial wars to subvert the economic and currency systems of other countries.

Fourth, the U.S. pilfers the world’s wealth by recklessly issuing dollars, transferring the losses from the crisis to others.

Finally,the U.S. may even take Keynesian military action to launch a war (including the U.S. return to Asia and emphatically strengthening the military encirclement of China) when economic and financial means alone cannot rescue them from the crisis.

Source: People’s Daily, May 23, 2012