Critics call for 'de-Americanized' world after US fiscal debacle

Posted in the Chicago Forum

Michael Pizzi

Matawan, NJ

#1 Oct 17, 2013
Critics call for 'de-Americanized' world after US fiscal debacle
by Michael Pizzi
October 17, 2013 | 5:30PM ET
The crisis may be over, but international observers warn congressional dysfunction has damaged US reputation

With the GOP reluctantly consenting to a short-term fix to end the 16-day government shutdown, Americans rested easier Wednesday night knowing that the more than 800,000 furloughed workers would head back to work and government services would finally reopen.

The world, meanwhile, remains on edge about the burgeoning brinkmanship in Congress, which some fear has become the new normal.

Martin Hennecke, chief economist at The Henley Group, noted that the shutdown crisis may make some central banks, such as China's, more "nervous" about holding U.S. Treasury bonds and spur them to move faster into assets denominated in other currencies.

According to a widely-read editorial for China's Xinhua published earlier this week, however, the world's second largest economy could also have reason to gloat.

Liu Chang, who penned the column, calls for a "de-Americanized world," riding the wave of anti-American sentiment augmented by the shutdown fiasco.

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