Indispensable, untouchable China – Robert Kuttner

From The Boston Globe (link):

QUESTION: HOW do you apply leverage against an emerging geopolitical giant that also happens to be among your biggest creditors? Answer: not very well.

When President Bush took office, prodded by neoconservative advisers, he viewed China as a potential rival and menace. Today, bogged down in Iraq and hobbled by American financial dependence on Beijing, Bush must look to the Chinese like a modern, self-inflicted Gulliver.

has several issues, as the children say, with the Chinese. For starters, Beijing should play by the usual financial rules and not keep their artificially cheap to stimulate , which worsens our $200 billion imbalance.

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