[/caption]Reuters is reporting that Intelligence officials formally met to discuss if China’s American bond holdings, now worth some $900 billion, will someday be used by the Chinese to influence our domestic or foreign policies.
There may have already been subtle moves on the part of China to influence America’s policy. Such a use will not be conspicuous, but it will be subtle and easy to glean if you observe.
Case in point, months ago, some say China pressured President Obama not to meet with the Dalai Lama. At that time, Secretary of the Treasury Geitner was visiting China… in the hopes of influencing China to float the yuan, and to keep financing America’s debts.
The Obama administration denied this, but the fact is that the Dalai Lama was not given the face time with the President, as is the courtesy for a dignitary of the Dalai Lama’s status.
I am not a savant in geopolitics like those who met to discus this issue of China’s gargantuan holdings of our bonds, but I would be keeping my eyes on Taiwan. What is Taiwan’s posture - are they more vocal or muted about wanting their independence? This will give us clues and credence on the issue of China’s ability to influence America’s foreign policy.
It has been a constant of America’s policy that we will defend Singapore if it were attack by China. China, on the other hand, sees Taiwan as part of its' territory and vowed, even before they had all this economic power and influence, that one way or the other, Taiwan would be again under its' umbrella.
Look at how China is engaged in its' all out war on our citizen's copyrights. Look at who is forever trying to breach our defenses via cyber warfare (ask Google about its problems with China). If it barks like a dog….
America should look at China’s past to learn who it is dealing with. How did our Chinese brothers treat their neighbors? How are they treating their people now?
We should also consider China’s policies vis-à-vis: political dissidents, religious freedom, and its' posture concerning Human Rights. We all old enough to remember Tiananmen Square – what do you think happened to that brave gentleman who was facing down the Chinese tank?
The problem with China is that, sometimes, its' punishment is not only confined to the alleged perpetrator who ran afoul of its' laws, but it implicates other family members;l a working corruption of blood.
Some believe that China will not dump our bonds and cause a crash of the “green back” because its' peoples’ fortunes rest with us.
I hope those wonks in our State Department err on the side of caution, knowing that China’s past might be prologue, and have contingencies in place if the Chinese were to decide to dump their U. S. bond holdings.
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