I disagree. If you owe the bank $1 million, obviously the banker has the leverage. However, if you owe them $1 trillion, you have as much leverage as the bank. If you tank, the bank tanks as well. That’s why we have all kinds of bail-out on Wall Street big cats.
What can China do if U.S. declares default ? haha. Obama is an idiot, they don’t know how to deal with dictators.
Yes, everyone knows that you deal with them by sucking up to them and providing photo ops with them at the only thing they care about, the Olympic Opening Ceremonies. Bad China! Bad, bad, bad! Bad China! Bad China!</sarcasm>
You are correct. Obama and other politicians on the right also feel that China has leverage over us. They are only partially correct and in the end, we as the global empire control if people in Shanghai have a job, can eat rice or almost anything else for that matter. However, we can and should pressure them on Tibet. It’s a tough issue but my gut tells me don’t boycott the ceremonies, but issue statements talking about what the games mean in terms of global unity and that China has missed this point in it’s treatment of Tibet.