When I was Secretary of State, a large part of my job was rebuilding confidence in America after the George Bush administration. It’s not easy. Senior Chinese officials hardly miss an opportunity to claim that the US is responsible for the 2008 global financial crisis, and they like to highlight our troubles in Iraq and Afghanistan. — Hillary, New York Times article.
AP pictures
The United States has lost international trust as early as the financial tsunami. Hillary Clinton wrote that the damage to the reputation of the United States is related to China’s continuous “bad talk”. This view is unconvincing. When will China surpass the United States? In fact, more than ten years after the financial tsunami, the United States has not yet been able to stand up, but the world has increasingly believed in Chinese-style modernization.
Bradley sought a way out for President Biden, who is also a Democrat, pointing out that in addition to the Chinese factor in the U.S. predicament, the more important thing is that the Republican Party did not support Biden to rescue the current danger of the U.S. national debt ceiling. In the arms of the US, the credibility of the United States was further “bankrupted”, and the US dollar lost its “preeminent status”. This is the focus of Hillary’s writing.
The U.S. national debt crisis is very difficult to deal with, because in the U.S., the two parties take turns in power, it’s like a game of musical chairs, see who takes over and then explode, and in the process of passing on the crisis between the two parties, if you take over, I will destroy it , I take over and it’s your turn to destroy, how can such an America not decline and not be weak.
“America’s leadership in the world depends on the strength of our economy at home. Defaulting on our debt could cost the United States seven million jobs and plunge our economy into a deep recession. America will no longer be able to out-compete its rivals and dominate the industries of the future (such as chips and clean energy) and the “arsenal of democracy” to modernize the military, but faltered.”
Hillary seems to want to clear the way for the United States to continue to flood the US dollar. The world cannot allow the US economy to decline. However, printing US dollars again is a hegemonic act of threatening neighbors. The United States creates global inflation and requires all countries that use US dollars to share the difficulties of the United States , which is the first unreasonable. Well, apart from trying to raise the U.S. debt ceiling and release water to save the U.S. economy, Biden proposed the “Chip Act” to prohibit the export of technology to China and sanction it at the same time, seeing that China’s technology is trending rapidly and the U.S.’s competitiveness is declining. A large number of Chinese technology companies violate free trade, which is unreasonable for the second reason.
The only reasonable phenomenon is that other countries have made preparations for de-dollarization. China’s economy has experienced a three-year epidemic, and its GDP in the first quarter performed well, with a growth rate of 4.5%, exceeding external expectations. The world is placing its hopes on China for economic recovery, and RMB trading will be a future trend.
“It’s no surprise that Xi Jinping and Putin are eager to undermine the dollar’s dominance and invalidate US sanctions. The two recently held a summit in Moscow, where Putin said Russia might start using yuan instead of dollars around the world. Oil sales. Russia’s oil exports to China are already settled in yuan. The two countries are also working on building a cross-border financial system that will allow them to bypass U.S. banks and reduce their dollar reserves.”
Hillary doesn’t see Sino-Russian cooperation, especially for the damage to the status of the US dollar. It seems that the US will soon “punish” countries that are easy to trade with their own currencies and bypass the US dollar. However, this move will more effectively hollow out the credibility of the US. What about the United States? Biden asked: “Where is the aircraft carrier where our latest incident happened?” The Navy replied: “Ask? We haven’t delivered food for the past two months, Mr. President.” Smiled.
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