The Chinese are making incendiary comments because the U.S.-centric world order has done well for them. The U.S. Navy patrols the world's seas and so protects global marine trade routes. The U.S. military provides security guarantees which liberate a large chunk of global demand, e.g. Japan, Korea, Singapore, and the EU, for consumption. And the U.S. financial system lubricates the global flow of capital, goods, and services.
I agree that the global economy has put too much faith in the U.S. political and financial system. Diversification would encourage competition as well as increase systemic resilience. The present situation, where a U.S. default literally means the implosion of the current world order, is encouraging previously taboo debate to come out into the open.
A collapse of the U.S. dollar today shakes up a world in which China is ascending. I'd get mad if someone threatened to flip the game board just as I started getting ahead, too.
I agree that the global economy has put too much faith in the U.S. political and financial system. Diversification would encourage competition as well as increase systemic resilience. The present situation, where a U.S. default literally means the implosion of the current world order, is encouraging previously taboo debate to come out into the open.
A collapse of the U.S. dollar today shakes up a world in which China is ascending. I'd get mad if someone threatened to flip the game board just as I started getting ahead, too.