You and I know that China has invested heavily in the United States via significant U.S. government bond holdings. They are just as nervous, if not more, at the fluctuation in the dollar...which seems to occur every time President Obama (or Timothy Geithner) opens his mouth. The problem is that China’s central bank governor, Zhou Xiaochuan, is pushing for a new global currency to replace the dollar and echoing growing displeasure with the U.S. role in the economy of the world. Next week a summit of the Group of 20 (made up of the world’s industrial and developing nations) will meet in London. Previously, China has been criticized for their policies economically, however, it is now backed by Russia and other budding economies who want a global order where the economic standing is less dominated by wealthy nations and the United States. Around the world central banks hold more U.S. dollars and securities than any other type of foreign currency. True, scandalous deeds within our own country are still being revealed on Wall Street and (sadly) within our own Congressional leadership. As we try to repair and hold accountable those who directly or indirectly caused the financial debacle, we are seeing the vast undertaking, within our own political and legal systems, that this pursuit imposes. Can you just imagine how this problem could be exacerbated on a global level? That’s all we need is to try to ferret out across seven continents, before a tribunal no less, just who screwed poor little America out of its money...every time it happens. We are seeing that many of our leaders are not trustworthy, however, I wouldn’t trust any other country with our welfare either. Americans needs to turn the nation around! Our MAIN STREET power is mightier than we realize. WE THE PEOPLE can make a difference in our own nation, but it will be hard to be heard when we criticize...if we globalize!
Note: If we spit on a sidewalk in America...we get a reaction. It is really hard to spit across oceans.
May God bless America...and may America deserve it!
Zanne Booker 03-26-09