Thursday, November 6, 2008

Is it the end of US Empire?

The superpower understandably wants to maintain the status quo of a uni-polar system in dominating the world.

Ironically, U.S. is the empire with the imperial idea of dominating the world. Will Washington felt the increasingly important role play by China in the world economic affairs post as a direct challenge to fundamental US interests?

"It is absolutely natural that China will play an increasingly important role in the world economic affairs," John Lipsky, first deputy managing director of the International Monetary Fund (IMF), said in Trujillo Wednesday.

Lipsky made the comments at a press conference organized on the sidelines of the 15th Asia Pacific Economic Cooperation (APEC) Forum Finance Ministers' meeting. Lipsky said China, with its high economic growth, will play a more important role in the world economic affairs.

The IMF, as an international organization that oversees the global financial system by following the macroeconomic policies of its member countries, has acted as an emergency loan lender in the current international financial crisis.

Lipsky promised that the Fund would set up a new surveillance system to play a more positive role in tackling financial crisis.

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