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Jewish World Review Feb. 9, 2010 / 25 Shevat 5770 As the world churns By Ed Koch http://www.JewishWorldReview.com | The Chinese economy is surging. In every area of endeavor, their influence around the world is getting stronger. Government decision makers and media around the world speculate the Chinese will take the place of the U.S. as the world's number one superpower. Today, the Chinese are our banker. They own 23.35 percent of our national debt. What if, because of pique, or for strategic or tactical reasons, they decided not to continue to annually buy U.S. Treasury bills, and we were forced to look elsewhere? What would be the effect on our economy? I'm not an economist, but it appears that U.S. Treasury bond interest rates would skyrocket and rates on all other U.S. business bond offerings would follow. We would then face crippling inflation. President Obama should tell the American people what he intends to do to combat the threat to our economy, and, indeed, to our national sovereignty and security posed by the Chinese owning such a large percentage of our national debt. Why do we keep irritating the Russians by seeking to place on their borders anti-ballistic missile facilities, as we are now seeking to do in Romania by erecting an ABM facility. Not long ago, we gave up plans to do so in Poland and Czechoslovakia, which was a wise decision. Placing threatening installations which is how the Russians view such ABM installations on or near their borders is no different than if the Russians sought to place comparable installations in Cuba, Mexico, Central or South America, particularly Venezuela and Bolivia. Instead of irritating the Russians, we should seek to make them our premier international partner. We are both equally threatened by Islamic terrorism. Neither they nor we want China to become the premier world superpower, taking the place of the U.S. The world has basically been safe over the last 65 years because the U.S. and Russia kept it so through the doctrine of MAD (mutually assured destruction). Now we should take our relationship to a higher and friendlier plane: a true partnership on every level. Shouldn't Toyota allow those who have leased their cars to be included in its recall so the affected customers can get unrecalled cars until their leased cars have been repaired? I think so. If Toyota refuses to make the temporary switch, wouldn't leasers be morally justified in bringing their leased cars back and let dealers sue for any future balances owed? I have a friend whose wife and daughter are petrified and won't use the family leased car. I bet there are tens of thousands similarly situated. I own my Toyota Avalon which has been recalled, but no date of repair has yet been assigned. I'm worried to ride in that car, but I'm not willing to stop using it. Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here. JWR contributor Edward I. Koch, the former mayor of New York, can be heard on Bloomberg Radio (WBBR 1130 AM) every Sunday from 9-10 am . Comment by clicking here. Archives © 2010, Ed Koch

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