The Monthly article : A case of Rudd speaking for Beijing?

"The time has come, off the back of the current crisis, to proclaim that the great neo-liberal experiment of the past 30 years has failed; that the emperor has no clothes....Neo-liberalism and the free-market fundamentalism it has produced has been revealed as little more than personal greed dressed up as an economic philosophy.....Minor tweakings of long established orthodoxies will not do,"

Lu Kewen, aka Kevin Rudd, Prime Minister of Australia ; The Monthly, February 2009, No. 42 (http://www.themonthly.com.au/tm/node/1417)




"....it is necessary to reassess the existing US dollar-dominated international financial system. It is a speculation-rife, supervision-lacking system.
After the collapse of the Bretton Woods System in the early 1970s, the US rushed to introduce the Jamaica System, which is still in effect, in an attempt to carry forward its financial dominance. The Jamaica System, strictly speaking, is not new, and it has elements of Bretton Woods.

Under this financial structure, the US has excessively indulged itself in the benefits, but has tried to shrink from its responsibility as the world's largest economy. The superpower's unrestrained issuance of dollars to bolster its unrestrained domestic credit consumption and its efforts to maximize its national interests by adopting policies, such as transferring financial risk and crisis to other countries, has added vulnerability to the international financial system.

An absolute authority always leads to corruption. The unchallenged hegemony of the US has contributed to its abuse of power and conduct...As an important prop of the Bretton Woods System, the International Monetary Fund (IMF), has long been utilized by the US as a tool to push for neo-liberalism worldwide."
Jiang Yong , China Institute of Contemporary International Relations;
China Daily;15 November 2008

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