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A Man of Wealth and Taste
 
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Obamas New Era Of Foreign Policy

Obama touted himself as being the bringer of a new era in American Foreign Policy. One where cooperation with Americas partners would rule the day. where the USA would be a responsible citizen of the world, he would be the bringer of hope and change, a veritable new direction. The world awaited with bated breath his arrival in the White House.

What it turns out what we are getting is something quiet different than what was sold to us on election day. Instead of a new era of cooperation what we are getiing is an adversarial relationship with Americans largest trading partner and debt holder.

The Chinese in the past week have expressed concern that their investment in America might be in jeopardy due to the huge increases in spending and the necessary borrowing to accomplish the stated goals of the administration. The Chinese when they felt their concerns were not being listened to suggested that the Reserve Status of the USD be rescinded and that a basket of currency's replace the USD as reserve currency for the world. These comments should have made Obama hair stand on end. For it would end Americas financial hegemony of the last 65 years. America would then have to pay the price of such a loss of status. That price would not be pretty and might even end the Super Power status of the USA and reduce America to the status of a bankrupt nation whose currency is worthless, such as what Mexico, Brazil, Argentina and Italy have all experienced in the recent past. America would be prostrate in that neither would it be able to beg or borrow money to fund its budget. The only thing left would be to steal and that requires military action.

So what did President Obama do but tell the Chinese to pound sand, that the USD is "strong." That it is full speed ahead with his spending program. This is creating an adversarial relationship with the second leading economic power in the world. Americas ernstwhile trading partner and largest debt holder.

This is a far cry from what President Obama promised America during his campaign for the Presidency. America can look forward to a deteriorating relationship with China. This is just another example of a looming failure of an Obama administration campaign promise.
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Last edited by tabs; 03-27-2009 at 12:02 AM..
Old 03-26-2009, 01:25 PM
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You said yourself that rescinding the reserve currency status of the USD is a non-starter. He basically told the Chinese exactly that, in very diplomatic terms.

You seem to be endorsing actions that would usher in a new era of heavy Chinese influence of US fiscal policy...
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Old 03-26-2009, 07:14 PM
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With China holding 1,500,000,000,000.00 in USD and Treasurys they are the largest debt holder of the USA. So one would think that they already have a "heavy influence on US fiscal policy." They are warning the USA that they might not be so willing to buy more US debt nor hold so much of it, if the administration continues with its wanton spending programs.

To whit the Obama Admin told them to pound sand and have continued with their plans to spend, spend and spend some more. It is so ironic that a Communist country like China is so concerned about the USA raising the Red Flag over the WH and Capital. However by ignoring the Chinese it will create more of an advesarial relationship with them. Which can only cause destabilization of the world economy.

At this moment the Chinese are giving serious warning about their concerns. If the USA does not take them seriousily then it is at our own peril. The USA needs Chinese participation in increasing our debt levels to fund the new era of change as promised by President Obama.

If the USA chooses to ignore the Chinese warning the Chinese in the medium term future will quietly end Chinese participation in US debt markets and decouple the Yuan from the USD . Then one fine day the USA will wake up and find that the USA has been replaced as the world reserve currency.
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Last edited by tabs; 03-26-2009 at 09:59 PM..
Old 03-26-2009, 09:54 PM
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yep, what the world wants to see is some semblance of fiscal responsibility in the US.

That is what would give them confidence in the US.

Instead, they are seeing utter recklessness and irresponsibility, on a scale never seen before, and it makes them understandably nervous.


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So what did President Obama do but tell the Chinese to pound sand, that the USD is "strong."
lol, "the fundamentals of the USD are strong."
Old 03-26-2009, 11:22 PM
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I'm going to the local MD for some blood tests tomorrow...If they say I'm as sound as a dollar, I'd better start making my funeral plans.
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Old 03-26-2009, 11:57 PM
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It will not be strong if President Obamas budget is implemented.
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Old 03-26-2009, 11:58 PM
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Quote:
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It will not be strong if President Obamas budget is implemented.
so you don't recommend fiscal stimulus?
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Old 03-27-2009, 01:43 PM
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