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.
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.
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 won’t 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.
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.
Posted
by WORLDMEETS.US
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.
