Obama and America’s banker Hu-Jintao
“As with any nation, America will approach China with a focus on our interests. And it is precisely for this reason that it is important to pursue pragmatic cooperation with China on issues of mutual concern — because no one nation can meet the challenges of the 21st century alone, and the United States and China will both be better off when we are able to meet them together. “
But, all nations are not of equal importance to the national interests of the U.S. Some are more equal than others. The United States of America needs China more than ever as China is the engine that is driving the stimulus package in the U.S. China is the largest holder of U.S. Treasuries to the tune of $800 billion dollars.
Times have changed. Even though, the U.S. is still the top dog, more than ever it needs the support and council of other nations (as in Iraq, Afghanistan, N. Korea, Iran, Somalia, etc). When it comes to the economy of the U.S. most of all, America needs China. America’s version of Capitalism, (anarcho-capitalism: an economic system that destroys government regulation of the economy, and creates anarchy within the global economic system) is a disaster.
Anarcho-Capitalism created an atmosphere where a criminal and an immoral greed were allowed to grow and create havoc within the U.S. economy. The U.S. economy was on the verge of collapse. The U.S. government was forced in to infusing billions of dollars in to the economy to save the day. For this, the support of China to jump start the economy of the U.S. was exceptionally critical.
President Obama comprehends China’s decisive role in saving America’s economy. His ambitious commitment to strengthening the U.S. economy has no choice but to cooperate with China. The Chinese on their part need a strong U.S. economy, as it is their lucrative market.
Finally, what is humorous in all this, is the fact that the Chinese are lecturing to America, to save more, to reduce its deficits, and not to continuously print the dollar.
Professor Mekonen Haddis.