Kishore Mahbubani: Are China's U.S. Dollar reserves at risk of inflation?
Kishore Mahbubani was appointed Dean of the Lee Kuan Yew School of Public Policy on 16 August 2004 after having served 33 years in the Singapore Foreign Service (with postings in Cambodia, Malaysia, Washington DC and twice as Ambassador to the UN, during which he also served as President of the Security Council). He was the Permanent Secretary of the Foreign Ministry from 1993-1998.
He is the author of Can Asians Think? published in Singapore, Canada, US, Mexico, India and People’s Republic of China and of Beyond The Age of Innocence: Rebuilding Trust between America and the World. His new book entitled The New Asian Hemisphere: the Irresistible Shift of Gobal Power to the East was published in New York in February 2008. He was also listed as one of the top 100 public intellectuals in the world by Foreign Policy and Prospect magazines in September 2005.
Question: Are China's U.S. Dollar reserves at risk of inflation?
Kishore Mahbubani:Well, actually, that is one of the most brilliant geopolitical moves that China has made. In the Cold War, you had one kind of MAD, mutually assure destruction, with the United States and Soviet Union, and MAD kept their relationships stable. China is developing a different kind of MAD with the United States of America. It's called "mutually assure dependence." So, China depends on the America for markets to export its products and America now depends on China for cheap money to buy treasury bills, to keep interest rates low and to keep the American economy humming. So, if America carries out any economic strike against China, guess what? America is hurting itself, right? So, this mutually assured dependence is a brilliant geopolitical move by China, which going to make the world a more stable place.
Recorded on: 2/28/08
Buying up U.S. currency was the smartest move China ever made, Mahbubani says.
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