“It is perhaps a good time for the befuddled world to start considering building a de-Americanized world.” As nations around the world fret over the U.S. budget impasse, that is the conclusion of a not-so-subtle commentary published by China’s official Xinhua News Agency on Oct. 14.
Key among its proposals: the creation of a new international reserve currency to replace the present reliance on U.S. dollars, a necessary step to prevent American bumbling from further afflicting the world, the commentary suggests.
“The cyclical stagnation in Washington for a viable bipartisan solution over a federal budget and an approval for raising the debt ceiling has again left many nations’ tremendous dollar assets in jeopardy and the international community highly agonized,” says Xinhua. “The world is still crawling its way out of an economic disaster thanks to the voracious Wall Street elites,” it adds.
STORY: China's Third Plenum: Get Ready for Disappointment? It’s not a new refrain: Back in March 2009, China’s central bank governor, Zhou Xiaochuan, also called for the creation of a new reserve currency, albeit in less heated language. The world needs a new “super-sovereign reserve currency” to replace the current reliance on the dollar, Zhou wrote in a paper published on the People’s Bank of China’s website (Zhou still heads the bank). The goal, he wrote, is to “create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run.”
Toppling the dollar isn’t enough today, however: “Several cornerstones should be laid to underpin a de-Americanized world,” explains the Xinhua piece. Along with a greater role for developing-market economies in both the World Bank and International Monetary Fund, “the authority of the United Nations in handling global hot-spot issues has to be recognized. That means no one has the right to wage any form of military action against others without a UN mandate” (all quite reasonable propositions, it must be said).
“A self-serving Washington has abused its superpower status and introduced even more chaos into the world by shifting financial risks overseas, instigating regional tensions amid territorial disputes, and fighting unwarranted wars under the cover of outright lies,” the commentary continues.
BLOG: The U.S. Can Survive a Shutdown but Not a Default “Such alarming days when the destinies of others are in the hands of a hypocritical nation have to be terminated, and a new world order should be put in place, according to which all nations, big or small, poor or rich, can have their key interests respected and protected on an equal footing.”
The feast of Our Lady of the Rosary was instituted to honor Mary for the Christian victory over the Turks at Lepanto on October 7, 1571. Pope St. Pius V and all Christians had prayed the Rosary for victory. The Rosary, or the Psalter of the Blessed Virgin Mary, is one of the best prayers to Mary, the Mother of God.
Pope Benedict XVI invites all families to pray the Rosary for the intentions of the Pope, the mission of the Church and peace. "It is as if every year Our Lady invited us to rediscover the beauty of this prayer, so simple and profound." The Rosary, a "contemplative and Christocentric prayer, inseparable from the meditation of Sacred Scripture," is "the prayer of the Christian who advances in the pilgrimage of faith, in the following of Jesus, preceded by Mary," said the Pontiff.
According to the 1962 Missal of Bl. John XXIII the Extraordinary Form of the Roman Rite, today is also the feast of St. Mark, who succeeded St. Sylvester and was pope for eight months during Constantine's reign. He zealously continued the great work of Church organization made possible by the period of freedom from persecution due to the Emperor's conversion. He built two churches in Rome, one of which, the titulus Marci, has become the church of St. Mark, and still exists. He died in 336.
Our Lady of the Rosary
This feast was instituted by Pope St. Pius V in thanksgiving for the great naval victory over the Turks at the battle of Lepanto on this day in the year 1570, a favor due to the recitation of the Rosary. This victory saved Europe from being overrun by the forces of Islam.
Lepanto, perhaps the most complete victory ever gained over the Ottoman Empire, on October 7, 1571, is commemorated by the invocation "Help of Christians," inserted in the Litany of Loretto. At Belgrade the Turks were defeated on the Feast of Our Lady ad Nives in 1716. A second victory gained that year on the Octave of the Assumption determined Pope Clement XI to command the Feast of the Rosary to be celebrated by the universal Church. Leo XIII added the invocation "Queen of the most Holy Rosary, pray for us," to the Litany of Loretto. The Feast is in reality a great festival of thanksgiving for the signal and countless benefits bestowed on Christendom through the Rosary of our blessed Queen.
In modern times successive popes have urged the faithful to pray the Rosary. It is a form of contemplative prayer, mental and vocal prayer, which brings down God’s blessing on the Church. It is a biblically inspired prayer which is centered on meditation on the salvific mysteries of Christ in union with Mary, who was so closely associated with her Son in his redeeming activity.
Things to Do:
Christopher (Topher) Anderson,MWD