China scolds US over S&P credit downgrade

China has scolded the US over its “addiction to debt” after rating agency Standard & Poor’s downgraded the US’ top-notch AAA rating to AA+.

State news agency Xinhua said unless the US cut its “gigantic military expenditure and bloated welfare costs,” another downgrade would be inevitable.

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Categories: China, United States

2 replies

  1. see:

    Malaysia raises gold dinar proposal again
    Submitted by cpowell on Sat, 2008-12-06 15:51. Section: Daily Dispatches
    The New Straits Times
    Kuala Lumpur, Malaysia
    Saturday, December 6, 2008

    KUALA LUMPUR, Malaysia — Malaysia wants Organisation of the Islamic Conference member countries to reconsider the use of the gold dinar for trade, especially with uncertainties in the international currency market.

    In stating this today, Second Finance Minister Tan Sri Nor Mohamed Yakcop said Malaysia would attempt to hold discussions with the OIC countries so that the issue of using the gold dinar could be studied in depth.

    “At this time when the currency market is uncertain and challenging, maybe it will be good for the OIC countries to look again at the role of the gold dinar in increasing trade among members,” he told reporters here today.

    Earlier he officiated the opening of Wisma Yayasan Ekonomi Sejagat here.

    Former Prime Minister Tun Dr. Mahathir Mohamad proposed the use of the gold dinar in global trade in 2002.

    Nor Mohamed said with the challenging economic conditions and weaknesses in the financial system, the use of the gold dinar could be reconsidered.

    “Before this, our suggestion was not well accepted by the OIC countries. But now with the weaknesses in the financial system, maybe we can look at the gold dinar proposal again,” he said.

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