The gradual erosion of the U.S. dollar's status as the world's reserve currency has been greatly hastened of late. This is due not only to the perpetual gridlock in D.C., but also our government's inability to articulate a strategy to deal with the reported $126 trillion of unfunded liabilities.
The world is entering an era of resource scarcity. China's leadership recognizes this and is beating us to the punch. They're racing to accumulate critical and diminishing resources vital to every aspect of modern life, from growing and transporting food to making and running the computers
American industry is so far into the tank with the Chinese, and the U.S. government is so heavily dependent on the Chinese to buy our bonds, that the administration can't imagine taking a hard line against Beijing.
On the heels of the arms sales to Taiwan and at a time when we rely on China's geopolitical clout in Iran and North Korea, inviting the Dalai Lama to visit the White House will be instigating a destructive downward spiral in relations.
Just before Christmas in 1999, I got off a flight from Hong Kong to San Francisco with a frail, 13-month-old baby girl in my arms. The future for her, I felt sure, would be far different now that she was in America.