‘De-Americanised’ world needed after US shutdown

‘De-Americanised’ world needed after US shutdown: China media
While US politicians grapple with how to reopen their shuttered government and avoid a potentially disastrous default on their debt, the world should consider ‘de-Americanising’, a commentary on China’s official news agency said Sunday. “As US politicians of both political parties (fail to find a) viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanised world,” the commentary on state news agency Xinhua said.

China calls for ‘de-Americanized’ world
The looming prospect of a US default on debt prompted China to call for the world to “de-Americanise”, amid warnings of a new global recession. Read more at http://www.wnd.com/2013/10/china-calls-for-de-americanized-world/#QB3d2mMytu1IbRBV.99  

World top bankers warn of dire consequences if U.S. defaults
Three of the world’s most powerful bankers warned of terrible consequences if the United States defaults on its debt, with Deutsche Bank chief executive Anshu Jain claiming default would be “utterly catastrophic.” “This would be a very rapidly spreading, fatal disease,” Jain said on Saturday at a conference hosted by the Institute of International Finance in Washington.

IMF chief warns a US default could spark recession
The head of the International Monetary Fund, Christine Lagarde, has warned that a US default could tip the world into recession. In a US TV interview she said a default would result in “massive disruption the world over”. The US Treasury will start to run short of funds on Thursday if no agreement is reached for it to raise its debt limit.

U.S. Treasury, Fed planning for possible default – source
U.S. Treasury and Federal Reserve officials worried about the growing possibility of a catastrophic default are crafting contingency plans to mitigate the economic fallout if Congress fails to extend America’s borrowing authority, a source familiar with the plans said. 

Jim Grant Warns America’s Default Is Inevitable
Authored by James Grant (of Grant’s Interest Rate Observer), originally posted at The Washington Post, “There is precedent for a government shutdown,” Lloyd Blankfein, the chief executive officer of Goldman Sachs, remarked last week. “There’s no precedent for default.” How wrong he is. The U.S. government defaulted after the Revolutionary War, and it defaulted at intervals thereafter. Moreover, on the authority of the chairman of the Federal Reserve Board, the government means to keep right on shirking, dodging or trimming, if not legally defaulting. 

“No Deal” – Boehner Says Obama Rejects Proposals, Not Negotiating; Talks At An Impasse
After a two-day, five hundred point Dow Jones rally on nothing but hope that just because politicians are talking, all shall be well, it was the weekend’s turn, when the market is conveniently closed, for true Congressional colors to emerge.

Europe prepares to come clean on hidden bank losses
Euro zone countries will consider on Monday how to pay for the repair of their broken banks after health checks next year that are expected to uncover problems that have festered since the financial crisis. Nobody knows the true scale of potential losses at Europe’s banks, but the International Monetary Fund hinted at the enormity of the problem this month, saying that Spanish and Italian banks face 230 billion euros ($310 billion) of losses alone on credit to companies in the next two years.