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China’s Strange Assault on the Dollar

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By Douglas A. McIntyre Published
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Is a supersovereign currency really anti-U.S. or really smart?

By Gabriel Beltrone of The Big Money

While the International Monetary Fund struggles to work through its identity crisis, China has decided to rock the boat of global finance by trying to dethrone the dollar as the world’s benchmark currency.  WTF, China? America is the best country on earth. We’re happy with the dollar standard; why aren’t you? And if the dollar is so bad, why do you continue to prop it up by buying so many U.S. Treasury bills?

Here’s a quick recap of conflicting signals. On March 11, U.S. Treasury Secretary Timothy Geithner entreated the international community to commit an additional $500 billion to the International Monetary Fund. On March 23, Chinese central bank governor Zhou Xiaochuan proposed an international reserve currency backed by the IMF on the very same day that Vice Governor Hu Xiaolian assured reporters that China would continue investing in Treasury bills.

Read more….

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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