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China Radio International, People's Republic of China

U.S. Must Consider 'Defects' in its Democratic System


Does the crisis over raising the U.S. debt limit suggest serious problems in the system of American governance? According to this article from state-run China Radio International's Portuguese service, the U.S. must learn that its days as a 'global hedgemon' are numbered, and that it has to take responsibility for the damage its economic mistakes have on other nations.


By Snia Qiu


Translated By Cristiane Teston


July 28, 2011


People's Republic of China - China Radio International - Original Article (Portuguese)

Senate Majority Leader Harry Reid: Early Sunday evening, Reid confirmed that he had signed off on a debt ceiling deal. If his and the Republican caucus' approve, the crisis could be over by Monday afternoon.


FINANCIAL TIMES VIDEO: What a downgrade means for Wall Street, July 27, 00:03:45RealVideo

There's only a short time left before August 2, the deadline for the U.S. to agree on raising the country's debt ceiling. After talks between the White House and Congress about the problem, the impasse continues. If the talks fail, it wont be only Americans affected. The global economy will also fall victim to this struggle among American politicians. With respect to the debt crisis, the U.S. must assume the responsibilities of a leading power.


U.S. President Barack Obama described this crisis as a "dangerous political game." How is it that the United States can dare play such a dangerous game, ignoring the interests of the rest of the globe? Because after the Cold War, America became a global hedgemon. It considered itself the international affairs "leader," claiming to promote the "peace, stability and prosperity of the world."


However, the financial crisis that originated on Wall Street not only shook the hegemonic position of the United States, it also damaged the world. And the North American government cannot escape blame for it. The country neglected its financial supervision. And even after the crisis, the U.S. doesn't have the guts to admit it, nor the determination to fix it.


On top of all that, the country tried to shirk its responsibility under the pretext of an "imbalance in the global economy." To stimulate the economy and stem the crisis, the Obama Administration has adopted a financial policy based on deficit spending, which worsened the country's debt - which is already colossal. The Federal Reserve, the country's central bank, loosened U.S. monetary policy in two phases, trying to shift the crisis to other countries through "monetizing the debt." This caused the entire globe to pay for the American-made crisis.


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Given the weakening of its influence, the U.S. will continue to try and escape its responsibility as a great nation. At the same time, it demands that emerging nations, including China, act as "responsible powers." So they try and embarrass China so the country will pay for a U.S.-made crisis. The intention is also to limit opening the U.S. market to balanced trade with China in order to boost the U.S. economic recovery and create jobs.



A Chinese proverb says that one cannot be left without credibility, because without credibility, a nation enters recession. As a superpower, the U.S. economy has a tremendous influence on the global economy. And the credibility of U.S. debt affects global confidence in the U.S. Therefore, to regain the world's trust, Republicans and Democrats must come to an agreement on the debt as quickly as possible.


From a long-term standpoint, to be a responsible power, the U.S. must accelerate its economic transformation and enhance financial accountability. Moreover, it should work on raising taxes, cutting spending and increasing savings. This is likely to radically change the U.S. pattern of consumption and lifestyles of the U.S. state and people. Furthermore, American policymakers need to reconsider the defects in the North-American democratic system.



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[Posted by WORLDMEETS.US Aug. 1, 9:29pm]


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