Word: welled
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...late March, after most of his colleagues had split for the Easter holiday, Kaufman lingered on the Senate floor, waiting for his chance to address rows of empty chairs, a few pimple-faced pages and the C-SPAN cameras in his latest well-sourced broadside against the conventional wisdom on Wall Street and in the White House. "Unless Congress breaks up the megabanks that are 'too big to fail,' " he declared to an empty chamber, "the American taxpayer will remain the ultimate guarantor in an almost-certain-to-repeat-itself cycle of boom, bust and bailout...
...least some of China's temptation to engage in conflict with the West comes from this sense of self-protection, from an intense debate about whether the West is really trying to welcome China or to do something to it yet again. One well-connected Chinese scholar wrote recently that even at the level of the Politburo, there had been intense fights about Hu's attending the Washington nuclear summit after what was seen as the U.S.'s "ruthless undermining of Chinese dignity." The West needs to remember that this excitability among internal forces emerges as a result of China...
...China. This is a country that runs on contradictions, whether it is the market socialism that now produces record economic growth or the plans for giant green cities, an idea that seems as likely as healthy cheeseburgers. This is a nation where party élites who have done well during the era of reform now complain ever more loudly about the ruling Communist Party. Split, ambitious, miraculous at times, but stretched on that line between past and future - this is China today, hoping for more explosive change without, well, an explosion...
...China? This is sort of like asking, How do we fit a big and growing guy into the back of an already full car? It's a question to which any answer suggests expanding discomfort. And in the eyes of many in Beijing, the car isn't running so well anyway. Might it not be better, Chinese wonder, to redesign it? Some of the questions China has started asking about the world system are ones we should be asking too. This isn't to say we should give in to China's sometimes unreasonable demands. But we should admit that...
...struggles with China over the relative value of its currency capture this dynamic well. The renminbi - it means "the people's money" - is the place where China's control economy touches the free-market world. Just as tensions with the Soviet Union sharpened at places where systems collided, the same will be true of China: the renminbi is the new Berlin. It needs to be handled with appropriate sophistication by both sides, especially since it reveals a deeper tension. Chinese find it inconceivable that the dollar will be the only global reserve currency in 10 years; Americans find it inconceivable...