‘Condemned to partnership’ is how Christoph Prantner of Austria’s Der Standard describes relations between the two most important nations on earth. Pranter writes that despite that forced smiles and wolfish grins, Europe and the world had better hope that despite their differences, the two find a way to make things work between them.
For Der Standard, Christoph Prantner writes in part:
“The Bank of China holds more than $2 trillion in foreign currency reserves. Just as China has no interest in allowing the yuan to appreciate by ten percent, as the U.S. demands, it also has no particular desire to send the dollar into a tailspin with all sorts of crises. Both of these actions would result in enormous losses.
“Smile, smile and smile once more. That isn’t just the diplomatic formula applied by Barack Obama and Hu Jintao during their meeting today. It’s also an expression of the insecurity and mistrust that the sole remaining superpower and its emerging challenger harbor toward one another. Hiding behind the wolfish grins, of course, is a rivalry. However, it’s by no means a rivalry comparable to one during the Cold War.”
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