As anxiety about the end of American hegemony abounds and the U.S. unemployment rate remains high, talk about the necessity of out-competing China is on the rise. The leading presidential candidates have zeroed in on China as a major threat to U.S. economic security and have vowed to ensure that the United States remains on top of the global economic ladder.
When Hu Jintao took over as the leader of China in 2002, U.S. companies welcomed his accession as a “good sign for American business.” Political analysts described Hu as a fourth-generation member of the Communist party leadership who might very well turn out to be a “closet liberal.” Playing it safe, the media tended to portray him as a pragmatic enigma. In the wake of 9/11 and high-level cooperation on counter-terrorism, Hu proved to be a reliable U.S. partner, prompting Colin Powell to remark in 2003 that U.S.-China relations were the best since 1972.
The South China Sea, although far from tranquil, has yet to revert to the volatility and violence witnessed in the late 1980s. However, current efforts to maintain stability and implement confidence-building measures could soon be overtaken by environmental changes in the region.
Dear Mom:
I haven’t written much from Okinawa. I’m sorry about that. I guess maybe you were expecting lots of exciting war stories from your son the Marine. But honestly, the most exciting thing we’ve done is put in a sea wall over by the Torii Beach shoreline and then take it down again when it wasn’t doing its job of controlling erosion.
Many countries have contributed to Afghanistan’s reconstruction. But it’s only been since 2007 that China has attracted attention with its investments. In November 2007, the Metallurgical Corporation of China (MCC) won the tender to invest over $2.9 billion to develop the Aynak copper mine, which is the second-largest copper deposit in the world. This was not only the second-largest investment in Afghanistan in recent years – equivalent to one-third of all foreign aid spent in the country between 2002 and 2007 – but it also raised China to the top tier of investors. In a more recent deal in October 2011, the PetroChina Company Ltd (CPNC) plans to invest about $300 million in three oil fields in northern Afghanistan.
Thanks to Mike Daisey’s appearance on “This American Life,” denial about Apple’s labor abuses has become impossible.
Ever since the beginning of the current global economic crisis, the focus of both critical analysis and public odium has been speculative capital. In the populist narrative, it was the breathtaking shenanigans of the banks in an atmosphere of deregulation that led to the economic collapse. The “financial economy,” characterized as parasitic and bad, was contrasted to the “real economy,” which was said to produce real goods and real value. Resources flowed into speculative activities in finance, resulting in a loss of dynamism in the real economy and eventually leading to credit cutoff at the height of the crisis, causing bankruptcies and massive layoffs.
During his confirmation hearings this past June, U.S. Defense Secretary Leon Panetta warned the Senate, “The next Pearl Harbor we confront could very well be a cyber attack that cripples our grid, our security systems, our financial systems, our governmental systems.” The use of Pearl Harbor provided powerful imagery: a mighty fleet reduced to smoking ruin, an expansionist Asian power at the nation’s doorstep.
Support from China for Kim Jong-un would give him added weight with North Korea’s military.
If Asia takes a cue from the Arab Spring and Occupy Wall Street, the world’s governments might face the haunting specter of working people of all countries uniting.