Tuesday, August 02, 2011

U.S. Debt Crisis - View from China

Comment on the U.S. debt crisis by Tan Ya Ling, director of the
Chinese Institute of Research on Foreign Currency Investment.
The author seems to be, as well, a high-ranking analyst within
the Bank of China.谭雅玲—中国外汇投资研究院院长

The title of his article, published on the internet platform of
China's semi-official paper People's Daily is as follows:

The "strategy" behind U.S. debt: Completely smash the Euro,
thus assuring America's predominant position.

Here are some quotations from the article that demonstrate the
author's evaluation of U.S. financial politics. As such high-grade
expert opinion on crucial national matters like foreign currency
investment and foreign nation's debt rating cannot be realized
without the silent approval of the author's superiors, i.e. Chinese
government circles, the following theses of his should be considered
as semi-official.

The crucial point of the U.S. crisis is America's benefit.

The core of America's national benefit depends on the U.S. dollar's
predominant position.

The European and the U.S. debt crises possess a different character.

The intrinsic character of the U.S. debt crisis is to assure, both,
the U.S. dollar's predominant position and America's hegemony.

According to the author, it is therefore necessary to think over all
aspects of the U.S. debt crisis:


During its history, the subject of U.S. debt has frightened, yet not
endangered. The crucial point of the latest outcome can be related
to America's extremely marked national predisposition as well as
the U.S. dollar's extremely powerful and predominant position.

Since 1960, the U.S.A. have already raised the upper limit of debt
for 78 times, furthermore, each case brought to an end in just a
moment. This time, both U.S. parties will most possibly demonstrate
a view of [established] practice and experience, as America doesn't
know that facade of " everyone beating himself ". After the [time
of] abundance, [they would] finally know how to reach a compromise
in order to raise the debt ceiling. The possibility for that being
relatively great, it remains but a question of procedures and [single]
steps to solve that problem.

Therefore, no controversy within America's political parties and the
Congress could ever shake America's national strategy. In the end,
it would return to America's national benefits and needs.

A PDF file of the cited website has been added in order to enable
interested readers to get access to the original text in Chinese.
All translations on this blogspot have been realized by Ulysses

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