President Obama and House Speaker John Boehner: Are American

lawmakers living up to the advice they offer their foreign peers?



'Irresponsible' U.S. Lawmakers have Duty to Global Economy (People's Daily, People's Republic of China)


When it comes to global leadership, do American lawmakers shun responsibilities that they lecture lawmakers in other nations about shouldering? This editorial from the state-run People's Daily criticizes American office holders and the U.S. political system for allowing partisan differences to prevent a resolution of issues like the 'fiscal cliff' and the debt ceiling..




Translated By James Chen


December 6, 2012


People's Republic of China - People's Daily - Original Article (Chinese)

Once again, the world is holding its collective breath, waiting to see if the U.S. will inflict a needless wound on itself and the global economy.


FINANCIAL TIMES, U.K.: Norquist -'Obama deliberately pushing U.S. over cliff,' Dec. 5, 00:04:025RealVideo

Disappointing news continues to emerge from both sides of the American political aisle, as the first round of "fiscal cliff" talks have made no progress, sparking renewed concern that the country may fail to diffuse the standoff.


According to the IMF, of the U.S. "goes off the cliff," it will mean a tightening of public expenditures by as much as 4 percent of GDP, which is likely to tip the world's leading economy into another full-blown recession. The OECD also warns that if the United States fails to avert large-scale cutbacks, the impact on the global economy and deterioration in the eurozone will be significant.


The American fiscal impasse reflects profound differences between the governance styles of the two parties. Objectively speaking, U.S. politicians should understand that with their own economic recovery still sluggish; the European debt crisis unresolved; and the global economy still plagued by uncertainty, a new “self-inflicted” recession will seriously damage American power - both hard and soft.


People familiar with the politics of the United States understand the conflict of interests and ideological polarization that keep the parties from making a deal until the last possible minute. U.S. Congress members, who are so practiced at this political game, appear oblivious to the impact on U.S. and global economic confidence.


"The economic confidence of both market participants and the general public will also be influenced by the extent to which our political system proves able to deliver a reasonable solution with a minimum of uncertainty and delay,” U.S. Federal Reserve Chairman Ben Bernanke warned.


Bernanke's warning was clear: respond to the fiscal cliff "as soon as possible." Regrettably, the characteristics of American politics have repeatedly led to the phenomena of "political paralysis." On major issues, the two parties tend to take starkly conflicting stances, so many of the reforms concerning the future direction of the United States are either difficult to implement or are dramatically limited. The standoff over the fiscal cliff is reflective a crisis within the American political system.


The plight of the United States in the fiscal cliff, a reflection of the plight of the American political system.


Even if, as is expected, the United States avoids falling off the cliff, the solution will only be temporary. Once avoided, the markets will quickly turn to the impending maxing out of the U.S. debt ceiling as the next short-term default risk to the United States. The core of America's fiscal problems are that the U.S. government appears unable to resolve the huge gap between federal spending and revenue. For many years, Washington has been stimulating the economy with deficit spending, and fiscal measures introduced by the Obama Administration to deal with the financial crisis has worsened the fiscal pressures facing the country. After all, market concerns about the fiscal cliff are based on the fear that high levels of U.S. public debt are unsustainable. In this sense, the financial cliff reflects an overdependence on virtual economies for development and a lack of control over financial risk. Without dealing with these, it will be fundamentally impossible to resolve the issues at the heart of the financial cliff.



Global Times, China: Americans Forget that 'No Empire Lasts Forever'
China Daily, China: Predictions of Western Decline are 'Presumptuous'
Ibaraki Shimbun, Japan: Overreaction to 9-11 Major Reason for U.S. Decline
de Volkskrant, The Netherlands:American Decline Not Fault of Obama
FTD, Germany: At G20, Obama Tastes Bitter Reality of American Decline
Tiscali Notizie, Italy: The Fiscal Decline of the 'Apocalypse'
Die Zeit, Germany: U.S. Risks 'Plunging World' Into New Financial Crisis
O Globo, Brazil: Global Economy Hangs on 'Mood' of U.S. Voters
The Telegraph, U.K.: Down on the Fourth of July: The United States of Gloom
Financial Times Deutschland, Germany: For Americans, a Dour Independence Day
Financial Times Deutschland, Germany: Who Cares about the U.S. Economy?
Folha, Brazil: U.S. Conservatives Threaten to Plunge U.S. into 'Lost Decade'
Rzeczpospolita, Poland: Who Can Replace America as the World's Policeman?
Kayhan, Iran: Instead of Celebrating July 4, Obama Should Repent for Flight 655
The Nation, Pakistan: Seeing the Fourth of July Through Pakistani Eyes
Yezhednevniy Zhurnal, Russia: Why Unlike U.S., Russia Lacks Holiday to Freedom



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The United States is the world’s largest economy and primary global reserve currency issuer. Yet the negative global impact of American policy errors are all too familiar. U.S. policy makers have a duty to minimize the negative fallout resulting from America's economic woes. Since they forever seek to reform the international system, American policymakers should feel a sense of responsibility. That requires them to stop partisan interests from getting in the way of proper economic decision making and to take better account of the interests of the American people. By building a consensus and engaging in efforts to boost the economy, the prospects for global recovery will improve.


Posted by Worldmeets.US

The United States, which is accustomed to asking other countries to act responsibly, should show that it too, can act as a responsible power on issues concerning the future of the global economy.



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[Posted by Worldmeets.US Dec. 6, 7:59pm]