In what may prove to be one of the great strategic blunders in U.S. history, President Barack Obama used last week’s get-together with Chinese President Hu Jintao to request yet again Chinese help in devaluing the dollar relative to the Chinese renminbi. By so doing, Obama has provided comfort and support to China’s strategic goal of replacing the U.S. as the dominant financial power in Asia.
There is no greater example of cognitive blindness born of cultural arrogance and incompetence than the bolstering of China and its currency at the expense of the U.S.
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