First They Asked for Financial Restraint

... now they're looking to go somewhere else. Dig this.

China’s call for a new international reserve currency may signal its concern at the dollar’s weakness and ambitions for a leadership role at next week’s Group of 20 summit, economists said.

Central bank Governor Zhou Xiaochuan yesterday urged the International Monetary Fund to create a “super-sovereign reserve currency.” The dollar weakened after the Federal Reserve said it would buy Treasuries and the U.S. government outlined plans to buy illiquid bank assets

“China is concerned about the potential for a slide in the dollar as the U.S. attempts to stimulate its economy,” said Mark Williams, a London-based economist at Capital Economics Ltd. The “rare” sight of a Chinese official attempting to reframe an international debate may be “a sign of China becoming more engaged,” he said.

A while back the Chinese asked the Obama Administration to show some restraint in spending. We then passed the $800B Stimuloid Porkgasm™ and after that we passed a bloated supplemental spending bill loaded with earmarks and then the Fed decided to print $1.2T and then Geithner suggested the government backstop another $1T in bad debt and then ...

... and then the Chinese took their toys and went home.

There will be two more $1T printing runs by the Money Fairy this year, minimum.