Even Hugo Chavez is on the bandwagon. He sought Arab support todayy for a proposed oil-backed currency to challenge the U.S. dollar in his latest swipe at Washington’s dominance in global financial affairs. Reporters are predicting that it is “unlikely Chavez” will gain any serious momentum for his “petro-currency” proposal at a summit of South American and Arab League leaders, but it represented another attempt to undercut the dollar’s standing as the world’s leading commercial currency.

Ahead of the Group of 20 summit in London this week, the Kremlin has published a raft of proposals to overhaul the global economic order, including plans for a supra-national currency that could replace the US dollar. Let’s see what the co-conspirators of the G20 come up with and how badly the U.S. gets rolled.

“It is my hope that the steps I am announcing today will go a long way towards answering many of the questions people may have about the future of GM and Chrysler. But just in case there are still nagging doubts, let me say it as plainly as I can — if you buy a car from Chrysler or General Motors, you will be able to get your car serviced and repaired, just like always. Your warrantee will be safe.

“In fact, it will be safer than it’s ever been. Because starting today, the United States government will stand behind your warrantee.”

http://uk.news.yahoo.com/22/20090330/tbs-uk-autos-obama-remarks-sb-03c9bed.html

At the same time the U.S will also be worried that China is replacing them, hence the recent South China sea fiasco and Pentagon’s hypocritical’ comments on China’s military prowess.. I hope the Americans do get stupid enough to engage China militarily.. the U.S needs to be taught a lesson to get out of other people’s backyards and fix their own mess at home.

In the meantime, check this out.

I noted earlier that Tim Geithner had been surprisingly sanguine about a new world currency, and had to be pulled back onto his tightrope by former Clinton Treasury official Roger Altman.

Currency traders noticed too: The dollar fell on his initial remarks, though it recovered a bit after Altman steered him back on message.

Pardon my French but … no shit. That’s what his communist Trilateral buddy said. People can think, read, and watch for themselves.

“they bought the bulk of our debt”

How lucky for you Americans.