George Soros says China has upper hand on U.S.

DAVOS,26JAN03 - George Soros, captured the session 'Globalization: Globalization at a Crossroads' during the 'Annual Meeting 2003' of the World Economic Forum in Davos/Switzerland, January 26, 2003.

George Soros at the 2003 World Economic Forum meeting in Davos, Switzerland. (Photo Credit: CC BY-SA/World Economic Forum/Flickr)

Billionaire Hungarian-American financier and philanthropist George Soros has stirred more than his fair share of controversy in the economic and political arenas. His recent statement regarding China’s government being “better functioning” than the United States government should give conservative commentators like Glenn Beck a great deal to discuss, writes Foreign Policy.

Soros says China must now take responsibility for the world

China has spent much of its time focusing on its own economic interests, rather than spreading itself too thin via some kaleidoscopic foreign policy, argues Soros. The shift of economic power from the United States to China has occurred along the way. Soros even compares the United States’ financial decline to that of the United Kingdom following World War II.

Now that the balance of economic power has swayed toward China, Soros says that China needs to now look outward. It has a responsibility to help maintain the world economic order, Soros believes. Loosening up on the reins of its currency would be one way to achieve that end.

Gridlock: A Congressional dysfunction

In The Globe and Mail, Soros argues that China has a “more vigorous economy” and a “better-functioning government” largely because Congress is so ineffective at making decisions and focusing upon key issues that would move the U.S. economy toward more solid ground. Such time-tested distractions as the filibuster, as Kay King of the Council on Foreign Relations argues in a recently released report, have hamstrung the U.S. government when it comes to such issues as national security. King’s argument mirrors many of Soros’ statements:

When Congress fails to perform, national security suffers thanks to ill-considered policies, delayed or inadequate resources, and insufficient personnel. Without congressional guidance, allies and adversaries alike devalue U.S. policies because they lack the support of the American people that is provided through their representatives in Congress.

Sources:

Council on Foreign Relations report

Foreign Policy

The Globe and Mail

Soros on a lack of confidence in currency

http://www.youtube.com/watch?v=3iNkJ2HQbvs

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