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As Barack Obama, the US president, begins his first trip to Asia, he will be doing so at a time when American influence on the world's most populous region is seen to be fading.
"The age of America as the world's superpower has come and will soon pass," says Li Chun Hwa, a Beijing cab driver, rather boldly.
Li was one of millions of Chinese that invested his life savings into stocks, buying into the western-styled wisdom of fast returns on the market floors of capitalism.
Those floors collapsed this past year as speculative investments by US banks and financial institutions drove the world into financial crisis.
"America has been too busy extending itself, spending on wars in Iraq and Afghanistan.
"Now it's broke, and it's policies have lost friends around the world ... what it says and does holds less meaning now," says Li.
Overcoming perceptions
That may be overstating the reality, but it is part of the perception Obama is gearing up to overcome as he meets Asia's leaders during his trip.
In just seven days, the president will travel through Japan, Singapore, China and South Korea. But his agenda is far more reaching.
He plans to strike a new relationship with Myanmar, convince some Asian nations to commit more resources to Afghanistan, deal with climate change, and tackle trade disputes with China.
He will do this all while talking human rights and trying to get China's leaders to side with him on the nuclear issue involving North Korea and Iran, among other things.
"Through President Obama's trip, I think it will be vividly clear to the peoples of Asia that the US is here to stay in Asia," Jeffrey Bader, director of Asian affairs at Washington's National Security Council, says.
The first stop will be Japan. And according to his aides, the order of countries to visit is "not by accident".
'Independent relationship'
As America's staunchest ally in the Asia Pacific region, Japan - and its new left-of-centre government under Yukio Hatoyama - has been calling for a more "equal" and "independent" relationship with the US.
Since giving the Liberal Democratic Party it's first defeat in 50 years, the newly-elected Hatoyama and the Democratic Party of Japan have pushed for closer ties with China, while at the same time raising the possibility of evicting US forces from a base on Okinawa - moves that worry policymakers in Washington.
Japan remains a key player in Washington's strategy of having an Asian nation to counterbalance China's military rise.
US officials say that during his meetings with Hatoyama, Obama will strive to "reaffirm" that "partnership" - one that has existed since the end of the Second World War.
Emphasising co-operation
"Co-operation" rather than "confrontation" is said to be theme of this Asia mission - a mission where bringing the world economy back to health is a top priority. The region, and more specifically China, has been credited for leading the global recovery in 2009.
And some analysts say while the previous Bush administration may have been able to largely ignore Asia, the US government can no longer do so.
Obama's decision to attend this year's summit of Asia Pacific Leaders (Apec), in Singapore is a signal of this new approach.
Joining him will be an all-star American cast - Secretary of State, Hillary Clinton, US Trade Representative, Ron Kirk, Commerce Secretary, Gary Locke and Treasury Secretary, Timothy Geithner.
Their very presence, says Michael Froman, Washington's International Economic Affairs adviser, underlines that the president, "understands the importance of Asia in the 21st Century and that its going to be engaged in a very comprehensive way."
Myanmar factor
It will be at Apec that Obama will also engage the government of Myanmar. He will be the first president in history to meet with its leaders on Sunday, during a meeting of Southeast Asian nations.
Already, Myanmar's rulers are said to be appreciative of the "new" US policy of "openness". And while its officials deny a connection, the country is now considering releasing Aung San Suu Kyi, the opposition leader who has been under various forms of house arrest for the past 14 years.
After weeks of speculation, US officials say Obama will also be directly raising the issue of human rights with Hu Jintao, the Chinese leader.
Policy challenge
How exactly to engage the "middle kingdom" has been a policy challenge.
The US knows it must tread carefully at a time when China is growing in international influence.
Obama himself, in recent interviews, says he sees the country as both a "vital partner", and a "competitor", but that he hopes to strike a "friendly" relationship.
China's leaders this year have shown a newfound boldness in taking on the US in its drive to secure energy and natural resources.
As the US sought sanctions to curb Iran's suspected nuclear ambitions, Chinese officials have not only moved to block them, but have pressed ahead to sign more than $5bn in oil and natural gas deals.
Beijing has also made similar business arrangements with some African nations that have questionable human rights records.
In his visits to the cities of Shanghai and Beijing, Obama is expected to try and convince China's leaders to play a more constructive role when it comes to making the world a "better" place.
It is a move that in part recognises China as a future world leader. But the nation of 1.3 billion people has in the past proven to be a reluctant player, holding to its policy of "non-interference" in matters of another nation's "domestic interests".
China's role
Still, there are signs Chinese officials are recognising a need to take on "policing" roles that have traditionally been expected of America.
This year, the country's navy has joined the international effort to protect ships from pirates off the coast of Somalia. Its soldiers have also taken part in 16 of the last 24 UN peacekeeping missions.
It has also played a pivotal role in recent years, in bringing North Korea back to the table for nuclear disarmament talks.
Obama is expected to ask China to push North Korea's leaders even harder for a final and comprehensive deal to de-weaponise the Korean peninsula.
Meanwhile, Obama will have to move to resolve trade disputes that have flared over tires, steel and several other industries. American companies have been up in arms over "cheap" Chinese products allegedly flooding the market.
At the heart of the issue, say industry officials, is the fact that the renminbi, China's currency, is far undervalued, making it easier for Chinese companies to sell their goods in the US but impossible for American businesses to make inroads in China.
"If we don't solve some of these problems, then I think both economically and politically it will put enormous strains on the relationship," says Obama.
Analysts say the president's approach of "open dialogue" has gone far in building consensus with a nation that has long-held suspicions of the West, and they believe this trip may lead to better economic and political ties.
"Certainly this administration's approach to China has led to what we can categorise as the warmest-ever relationship between the two countries," says Kerry Brown, a senior research fellow of Asian Studies at Chatham House.
While some recent polls suggest that America's standing has fallen in Asia, Obama's personal popularity remains high.
White House officials believe that Obama's reputation is valuable currency in reestablishing US presence in the region.
english.aljazeera.net/focus/2...210.html
"The age of America as the world's superpower has come and will soon pass," says Li Chun Hwa, a Beijing cab driver, rather boldly.
Li was one of millions of Chinese that invested his life savings into stocks, buying into the western-styled wisdom of fast returns on the market floors of capitalism.
Those floors collapsed this past year as speculative investments by US banks and financial institutions drove the world into financial crisis.
"America has been too busy extending itself, spending on wars in Iraq and Afghanistan.
"Now it's broke, and it's policies have lost friends around the world ... what it says and does holds less meaning now," says Li.
Overcoming perceptions
That may be overstating the reality, but it is part of the perception Obama is gearing up to overcome as he meets Asia's leaders during his trip.
In just seven days, the president will travel through Japan, Singapore, China and South Korea. But his agenda is far more reaching.
He plans to strike a new relationship with Myanmar, convince some Asian nations to commit more resources to Afghanistan, deal with climate change, and tackle trade disputes with China.
He will do this all while talking human rights and trying to get China's leaders to side with him on the nuclear issue involving North Korea and Iran, among other things.
"Through President Obama's trip, I think it will be vividly clear to the peoples of Asia that the US is here to stay in Asia," Jeffrey Bader, director of Asian affairs at Washington's National Security Council, says.
The first stop will be Japan. And according to his aides, the order of countries to visit is "not by accident".
'Independent relationship'
As America's staunchest ally in the Asia Pacific region, Japan - and its new left-of-centre government under Yukio Hatoyama - has been calling for a more "equal" and "independent" relationship with the US.
Since giving the Liberal Democratic Party it's first defeat in 50 years, the newly-elected Hatoyama and the Democratic Party of Japan have pushed for closer ties with China, while at the same time raising the possibility of evicting US forces from a base on Okinawa - moves that worry policymakers in Washington.
Japan remains a key player in Washington's strategy of having an Asian nation to counterbalance China's military rise.
US officials say that during his meetings with Hatoyama, Obama will strive to "reaffirm" that "partnership" - one that has existed since the end of the Second World War.
Emphasising co-operation
"Co-operation" rather than "confrontation" is said to be theme of this Asia mission - a mission where bringing the world economy back to health is a top priority. The region, and more specifically China, has been credited for leading the global recovery in 2009.
And some analysts say while the previous Bush administration may have been able to largely ignore Asia, the US government can no longer do so.
Obama's decision to attend this year's summit of Asia Pacific Leaders (Apec), in Singapore is a signal of this new approach.
Joining him will be an all-star American cast - Secretary of State, Hillary Clinton, US Trade Representative, Ron Kirk, Commerce Secretary, Gary Locke and Treasury Secretary, Timothy Geithner.
Their very presence, says Michael Froman, Washington's International Economic Affairs adviser, underlines that the president, "understands the importance of Asia in the 21st Century and that its going to be engaged in a very comprehensive way."
Myanmar factor
It will be at Apec that Obama will also engage the government of Myanmar. He will be the first president in history to meet with its leaders on Sunday, during a meeting of Southeast Asian nations.
Already, Myanmar's rulers are said to be appreciative of the "new" US policy of "openness". And while its officials deny a connection, the country is now considering releasing Aung San Suu Kyi, the opposition leader who has been under various forms of house arrest for the past 14 years.
After weeks of speculation, US officials say Obama will also be directly raising the issue of human rights with Hu Jintao, the Chinese leader.
Policy challenge
How exactly to engage the "middle kingdom" has been a policy challenge.
The US knows it must tread carefully at a time when China is growing in international influence.
Obama himself, in recent interviews, says he sees the country as both a "vital partner", and a "competitor", but that he hopes to strike a "friendly" relationship.
China's leaders this year have shown a newfound boldness in taking on the US in its drive to secure energy and natural resources.
As the US sought sanctions to curb Iran's suspected nuclear ambitions, Chinese officials have not only moved to block them, but have pressed ahead to sign more than $5bn in oil and natural gas deals.
Beijing has also made similar business arrangements with some African nations that have questionable human rights records.
In his visits to the cities of Shanghai and Beijing, Obama is expected to try and convince China's leaders to play a more constructive role when it comes to making the world a "better" place.
It is a move that in part recognises China as a future world leader. But the nation of 1.3 billion people has in the past proven to be a reluctant player, holding to its policy of "non-interference" in matters of another nation's "domestic interests".
China's role
Still, there are signs Chinese officials are recognising a need to take on "policing" roles that have traditionally been expected of America.
This year, the country's navy has joined the international effort to protect ships from pirates off the coast of Somalia. Its soldiers have also taken part in 16 of the last 24 UN peacekeeping missions.
It has also played a pivotal role in recent years, in bringing North Korea back to the table for nuclear disarmament talks.
Obama is expected to ask China to push North Korea's leaders even harder for a final and comprehensive deal to de-weaponise the Korean peninsula.
Meanwhile, Obama will have to move to resolve trade disputes that have flared over tires, steel and several other industries. American companies have been up in arms over "cheap" Chinese products allegedly flooding the market.
At the heart of the issue, say industry officials, is the fact that the renminbi, China's currency, is far undervalued, making it easier for Chinese companies to sell their goods in the US but impossible for American businesses to make inroads in China.
"If we don't solve some of these problems, then I think both economically and politically it will put enormous strains on the relationship," says Obama.
Analysts say the president's approach of "open dialogue" has gone far in building consensus with a nation that has long-held suspicions of the West, and they believe this trip may lead to better economic and political ties.
"Certainly this administration's approach to China has led to what we can categorise as the warmest-ever relationship between the two countries," says Kerry Brown, a senior research fellow of Asian Studies at Chatham House.
While some recent polls suggest that America's standing has fallen in Asia, Obama's personal popularity remains high.
White House officials believe that Obama's reputation is valuable currency in reestablishing US presence in the region.
english.aljazeera.net/focus/2...210.html
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Re: Obama's Asian adventure
Thu, November 12, 2009 - 10:25 PMAmerica's current military set up is unsustainable. There are signficant domestic social and moral issues sourrounding it.
Highly prominent among latter is "Zionist motherfuckery".
As for the former, I'd say that the unique right-wing stink in the US is sustained by the country's military posturing, which is almost taken for granted. -
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Re: Obama's Asian adventure
Fri, November 13, 2009 - 12:13 AM& the dollar is a slippin......................
Easy to see. The old strategic strange love policies of America need to be over fast.
As for Japan, the people I know have been fed up and have seen through it long ago but when it comes down to it, it is who will be parking in their parking lot/port country, which is it gonna be? No no, no way for China. -
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Re: Obama's Asian adventure
Fri, November 13, 2009 - 12:18 AMthe dollar falling could be a net gain by making US goods cheaper to purchase overseas, and many theorize that it's an intentional policy move on the part of Geithner and Obama.
If that will play out in the long run, and be enough to counter the effects of price inflation of things like gas is anyone guess -
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Re: Obama's Asian adventure
Fri, November 13, 2009 - 12:28 AMseems that would certainly take a long time to pay out but if so, at least it would hint towards some long term vision which is a major shortfall in western politics.
As for me personally, I am excited that one of Obama's criteria with Japan is to discuss this countries avoidance of signing the ole Hague treaty for protecting child abductions. All you see on the news over here is about the 16 or so Japanese that were abducted by North Korea 30 something years ago but nobody realizes that this government protects the abductions of 150+ children from foreign countries every year, not including the abduction of foreigners children that reside within Japan.
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Re: Obama's Asian adventure
Wed, November 18, 2009 - 1:24 AMNov. 15 (Bloomberg) -- The decline of the dollar and decisions in the U.S. not to raise interest rates have caused “huge” speculation in foreign exchange trading and seriously affected global asset prices, said Liu Mingkang, chairman of the China Banking Regulatory Commission.
“The continuous depreciation in the dollar, and the U.S. government’s indication, that in order to resume growth and maintain public confidence, it basically won’t raise interest rates for the coming 12 to 18 months, has led to massive dollar arbitrage speculation,” he told reporters in Beijing today at the International Finance Forum.
Liu said this has “seriously affected global asset prices, fuelled speculation in stock and property markets, and created new, real and insurmountable risks to the recovery of the global economy, especially emerging-market economies.”
His view echoes that of Donald Tsang, the chief executive of Hong Kong, who said the Federal Reserve’s policy of keeping interest rates near zero is fueling a wave of speculative capital that may cause the next global crisis.
“I’m scared and leaders should look out,” Tsang said in Singapore Nov. 13. “America is doing exactly what Japan did last time,” he said, adding that Japan’s zero interest rate policy contributed to the 1997 Asian financial crisis and U.S. mortgage meltdown.
Carry Trades
Zhao Qingming, a Beijing-based analyst at China Construction Bank Corp., said today that low interest rates in the U.S. have spurred a carry trade with some currencies, notably the Australian dollar after recent interest rate increases by that nation’s central bank.
“The carry trades will further drive down the dollar’s value and fuel commodity prices,” Zhao said. “The dollar’s depreciation has also caused excessive liquidity in the global market.”
In a currency carry trade, the investor makes money by borrowing in a country with low interest rates, converting the money to a currency where interest rates are higher, and lending the money at that higher rate.
The dollar fell against most of its major counterparts as a report showed the euro nations emerged from their worst recession since World War II, encouraging investors to buy higher-yielding assets.
The euro advanced for a second week against the dollar and approached its highest level since August 2008 before stalling just short of $1.5050. The dollar dropped for a third week against the yen, falling 0.2 percent to 89.66, from 89.88.
Liquidity Injection
Fed Chairman Ben S. Bernanke, a scholar of the Great Depression, has overseen a record injection of liquidity into the world’s largest economy, pledging not to make the mistake of the 1930s, when officials tightened policy.
“The dollar’s devaluation has the biggest influence on China among emerging market economies,” China Construction Bank’s Zhao said. “China has huge amount of investments in dollar assets; their safety is threatened.”
President Barack Obama may discuss China’s currency during his visit to Asia after Treasury Secretary Timothy Geithner said the region has shown a commitment to adopting “market- determined” exchange rates.
China triggered speculation on Nov. 11 that the yuan may rise when policy makers dropped a pledge from their monetary- policy report to keep the currency “basically” stable. China has kept the yuan at about 6.83 per dollar since July 2008, after a 21 percent gain in the previous three years.
www.bloomberg.com/apps/news -
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Re: Obama's Asian adventure
Wed, November 18, 2009 - 3:26 AM<<Fed Chairman Ben S. Bernanke, a scholar of the Great Depression, has overseen a record injection of liquidity into the world’s largest economy, pledging not to make the mistake of the 1930s, when officials tightened policy. >>
No way he's going to tighten money with unemployment in the double digits. Until employment rebounds and consumer spending largely recovers there's no real risk of inflation so why would Benanke tighten?
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