China Attacks U.S. Dollar

Has the financial crisis inspired China to kick its dollar addiction? The Wall Street Journal reports “China called for the creation of a new currency to eventually replace the dollar as the world's standard, proposing a sweeping overhaul of global finance that reflects developing nations' growing unhappiness with the U.S. role in the world economy.” China is frustrated with its financial dependence on a currency over which it has no control. Russia proposed a similar plan last month.