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US can no Longer Call All the Shots

Michael Hudson, University of Missouri | June 15, 2009

The meeting of the six-nation Shanghai Co-operation Organisation this week will discuss the creation of a new type of financial institution that will challenge the dominance of US-style free markets. ++ This is an opportunity for China, Russia and India to "build an increasingly multipolar world order." ++ These countries argue that the root of the global financial crisis is that the US makes too little and spends too much. ++ They want out of the markets that force them to accept unlimited US dollars and believe the US is a lawless country.