Foreclosures in America Are Changing Diplomatic Priorities in the World

Posted on April 8, 2009
Filed Under Repo Houses | 1 Comment

What started as a trickle has become a flood. Foreclosures in America are now changing diplomatic priorities of the world.

China is being given top priority by America considering the fix the latter is in. When China opened up she exported goods to USA and invested the money earned in American securities. The latter have now turned sour. China has become a creditor. On the other hand Chinese factories are shutting down because of fall in exports to America. The Americans are not shopping as before – thanks to the foreclosure crisis. Thus on both sides there are strong interests at stake to shake hands in a mood of bonhomie.

In a meeting Chinese Foreign Minister Yang Jiechi President Obama “agreed that China and the U.S. must work closely and urgently, as two of the world’s leading economies, to stabilize the global economy by stimulating demand at home and abroad and [to] get credit markets flowing.” On another front but related to the present crisis Japan is trying to improve its falling image by making the best use of Obama’s diplomatic strategy of being friendly with Japan. The leaders of both countries stressed and “reaffirmed’ the importance of the two remaining allies – it being “ the cornerstone of their respective foreign policies.” Japan wants the dollar based global financial system to continue. Japan battered by recession is the second largest economy ranking after the ailing economy of America.

In Tokyo Hillary Clinton and her Japanese counterpart recognized the importance of the two countries and their engagements with South Korea, Australia and India – countries that share certain common “universal values.” But neither Japan nor USA wanted to print out a blue print of the cooperation within these five countries considering the economic climate of the world. If Australia too joins then the rudimentary idea will get added weight.

Hillary Clinton also held talks with her Indonesia counterpart in Jakarta. It showed the keenness of Obama to open this place as a window for the West. Specifically he was targeting the Islamic bloc. Obama is also keen for Indonesia to be involved in climate change matters. Hillary also addressed the ASEAN secretariat in Jakarta.

Another port of call for Hillary was Seoul wherein assurance was given to an old ally about continued support.

The gist was that USA was willing to sidestep issues like human rights and Tibet and work more proactively on big matters like recession and climate.

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