United States and Europe Must Take on Political Task of Restoring Global Economy

At this crucial moment when the global economy faces the risk of a “double dip,” certain Western media outlets and researchers have once again played the “China card,” to make it seem that the “remedy” of funding the crisis is in China’s hands. Such a practice is nothing new. These last years, each time that the global economy runs into difficulties, the West gets to talking, if not to accuse China of “having pushed the crisis” onto others, then to “flatter” China and ask it to handle the situation. These two ploys have but one goal: shirking responsibility.

The European debt crisis and the American debt crisis, which followed the financial crisis, have troubled the path of the global economy’s progress.

But it is not the global economy that is at the edge of a cliff; rather, it is Washington’s political clout. After the blow-up that was the American debt crisis, global public opinion suggested that Washington had fallen into a political trap, not an economic one. In fact, Washington faces not only an economic crisis but, above all, a political one. Remember that the European debt crisis, which preceded the American debt crisis, reflected, to a very great extent, the contradictions between the European countries and the political decisions of the European Union, as well as the contradictions between the different European countries’ policies. This time, Standard & Poor’s has lowered the sovereign credit rating of the United States. This is fairly explained by uncertainty about the United States’ political future.

As the political schedules of the United States and many other countries are about to enter a period of presidential elections, the forecasts for the political situations’ futures reveal themselves to be even more unstable. This has brought a heavy hit to the confidence of global investors in the global economy’s ability to rebound and has aggravated market volatility.

One cannot forget that during the 2008 financial crisis, China and the other emerging countries demonstrated their capacity to push ahead against the current. At a decisive moment, China launched a program meant to stimulate its domestic economy, playing an important role in helping to promote the restoration of the global economy. At the same time, China made active attempts to promote international cooperation.

If the United States and Europe will do nothing but pursue their own personal gains without assuming responsibility as developed countries, it could heavily affect the steady development of the global economy.

Facing the challenge of the global economy, the members of the international community have clearly increased their coordination. For example, the G-20, which was formed to face the global financial crisis, has today become a principal platform for international economic cooperation. As long as the Western countries do not shirk their responsibility and do strengthen coordination with other countries in developing a political plan, the global economy will surely meet a stable return and consistent development.