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Monday, December 07, 2009

News From Korea- 'Korea Must Be Ready for the New World Order'

The meeting between U.S. President Barack Obama and Chinese President Hu Jin-tao in Beijing was an opportunity to signal the beginning a new world order led by China and the U.S. During his four-day visit, Obama stressed that Beijing was a "powerful partner" in U.S. efforts to deal with global challenges. "A strong and prosperous China can be the source of strength for the international community and the United States will not seal China off," he said.

Even on the issue of Tibetan independence, Obama practically sided with China by saying, "We recognize that Tibet is part of the People's Republic of China." Gone are criticisms of Beijing's human rights abuses which previous U.S. presidents made during their visits to China. The U.S. and China both avoided any unpleasantness. "China's partnership has helped the United States pull out of the worst recession in a generation," Obama said.

The U.S. recorded a $1.4 trillion deficit over the last year starting in September of 2008, while the accumulated fiscal deficit amounts to 80 percent of its GDP. The U.S. government must continue issuing Treasury Bills in order to run the country. China is America’s largest creditor owning $800 billion worth of U.S. Treasury notes. The U.S. is no longer in a position to tell China what to do.

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