Editor's Note: The more the non-western Economies of the world engage in bilateral trade, the greater the loss suffered by the US dollar as World Reserve Currency. Loss of this status will surely reduce the Economic clout of the US a great deal, and will eventually hurt the Global Economy more than any other event.
VLADIVOSTOK, Russia |
(Reuters) - China and Russia sounded the alarm about the state of the global economy at a summit on Saturday and urged Asian-Pacific countries to protect themselves by forging deeper regional economic ties. (Thus bypassing the US dollar and leading to it's eventual demise!)
Chinese President Hu Jintao said Beijing would do all it could to strengthen the 21-member Asia-Pacific Economic Cooperation (APEC) and boost prospects of a global recovery by rebalancing its economy, Asia's biggest.
Russian President Vladimir Putin said trade barriers must be smashed down. He is hosting the event on a small island linked to the Pacific port of Vladivostok by a spectacular new bridge, a symbol of Moscow's pivotal turn to Asia away from debt-stricken Europe.