Posted on 09/15/2009 4:26:25 AM PDT by SeekAndFind
The annals of Sino-American relations have seen more than a few celebrity-diplomats: Henry Kissinger, a young Richard Holbrooke, and, of course, the current secretary of state. But, unless the record has been lost to history, none has ascended to this rarefied plane of geopolitics while running the Office of Management and Budget.
And yet, there was budget director Peter Orszag rushing to a lunch with Chinese bureaucrats on a Monday in late July. To his surprise, when Orszag arrived at the site of the annual U.S.-China Strategic and Economic Dialogue (S&ED), the Chinese didn't dwell on the Wall Street meltdown or the global recession. The bureaucrats at his table mostly wanted to know about health care reform, which Orszag has helped shepherd. "They were intrigued by the most recent legislative developments," Orszag says. "It was like, 'You're fresh from the field, what can you tell us?
As it happens, health care is much on the minds of the Chinese these days. Over the last few years, as China has become the world's largest purchaser of Treasury bonds, the government has grown increasingly sophisticated in its understanding of U.S. budget deficits. The issue has become all the more pressing in recent months, as the financial crisis and recession pushed the deficit to record levels. With nearly half of their $2 trillion in foreign currency reserves invested in U.S. bonds alone, the Chinese are understandably concerned about our creditworthiness. And this concern has brought them to the issue of health care. "At some point, if you refuse to contain health care costs, you'll go bankrupt," says Andy Xie, a prominent Shanghai-based economist, formerly of Morgan Stanley. "It's widely known among [Chinese] policymakers." Xie himself wrote a much-read piece on the subject in 2007 for Caijing magazine--kind of the Chinese version of Fortune.
(Excerpt) Read more at tnr.com ...
This plant piece by the Feds is designed to give cover to the political imperialism the Chinese are practicing here in the USA.
The reason the Federal legislative and executive branches are 180 degrees out of sync with the American public on Cap n’Tax, “Healthcare” and Immigration is because of the pressure China is exerting in DC.
Thats the problem with being owned, you get an owner. Congratulations for New Republic taking one more step toward the light.... knowing they will crawl right back to the corner.
The next posters carried by TEA party members should show the Chinese commies pulling the strings of BO, Geithner, and Bernanke. Thanks to the insane spending and borrowing of our profligate politicians, the Chinese are the puppetmasters who now tell our “leaders” how and when to dance.
So what's good for America, is good for China, and what's bad for America, is bad for China.
They depend a lot more on us than we do on them.
The Chinese are saying that if we don’t control health care costs, we will go bankrupt? Ludicrous. This could only happen if the government is financing the health care. Otherwise, it’s self-controlling.
This story is hogwash. But, hey, it’s the New Republic, so we knew that already.
Exactly.
Think of what this says about 0bama. In economic matters the Chinese communists have more understanding and concern about economic irresponsibility than the POTUS. This says 0bama must be either stupid or delibrately trying to harm the USA. It is sobering and frightening at the same time.
.....So what’s good for America, is good for China, and what’s bad for America, is bad for China. .......
That might be a trifle overstated but does have substantial truth. The fact is when a debtor gets in a little trouble, the creditor has a problem and must decide to cut and run or develop a work out. I’m not real sure we are yet to that point but it doesn’r hurt to keep a very close eye on things.
There is another never mentioned course. That course is massive and I mean never before seen in world history massive spending by China to modernize everywhere. The amount of construction possible is unfathomable. The boost to every minute crack in their economy would be awsome.
There is a desire as people complain and even demonstrate against the pollution and other disagreeable results of the massive industrial change. The Chinese travel or at least some do and they know about the rest of the world. They have relatives literally everywhere.
They have the money. They can trade in their American bonds for American stuff and maybe even brainpower. There are many many very close relationships between Americans and Chinese in tons of very diverse businesses. It is not at all like some think where both countries live behind high walls.
Rational thought tells me they will direct their thought and energy internally rather than create unproductive mischief externally
What day does the Chinese flag go up on the WH lawn. September 20th?
Want to ruin someone? Give them easy credit.
Luigi does’nt care where you get the cash from....but if you owe him....and your drivin’ a Caddy...you’ve got some ‘splainin’ to do...
But I believe the Chinese assume the gov’t WILL take over HC because they are used to the gov’t getting its way. They know that if the ruling class wants it, it WILL be so. Big gov’t & bureaucracy are ascendant around the world.
The Chinese, already having socialized medicine, likely are well aware of the burden of gov’t financed HC. All those PANELS & committees can get pretty expensive, especially when you add in the cost of graft & corruption. Its expensive keeping even the “worthy” alive & working.
They are simply concerned about their investments in dollars. I am, too!
Ultimately, I see Obama & Co. printing more & more dollars as a way to fund further socialist insanity & to pay the interest on the growing debt, resulting in big inflation. My money & Chinese dollars will be worth less. Both of us would rather that didn't happen.
I hate to side with a country not on our BFF list, but I think the Chinese are right to be concerned.
No, maybe you forgot that the US canceled sales of fighters to Taiwan to appease China. Maybe you see China as a Santa Claus who will keep lending to us no matter how much we spend. I think that is a foolish hope in the long run.
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