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Cablegate: Media Reaction: Thailand, Financial Crisis, U.S. Government

VZCZCXRO7190
RR RUEHCN RUEHGH RUEHVC
DE RUEHBJ #4432 3390954
ZNR UUUUU ZZH
R 040954Z DEC 08
FM AMEMBASSY BEIJING
TO RUEHC/SECSTATE WASHDC 1213
INFO RUEHOO/CHINA POSTS COLLECTIVE
RHMFIUU/CDR USPACOM HONOLULU HI

UNCLAS BEIJING 004432

DEPARTMENT FOR INR/R/MR, EAP/CM, EAP/PA, EAP/PD, C
HQ PACOM FOR PUBLIC DIPLOMACY ADVISOR (J007)
SIPDIS

E.O. 12958: N/A
TAGS: OPRC KMDR CH

SUBJECT: MEDIA REACTION: THAILAND, FINANCIAL CRISIS, U.S. GOVERNMENT
TRANSITION

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Editorial Quotes
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1. THAILAND

"Thai situation still confused"

The official Communist Party People's Daily (Renmin Ribao) (12/03):
"Thailand's constitutional court recently announced the immediate
dissolution of three political parties. Analysts think that even if
the Thai military takes abnormal measures to seize power and stop
the political chaos, this will not solve the deeply-rooted conflict
and confrontation between the two groups and may even make the issue
more complicated in the future."

2. FINANCIAL CRISIS

a. "Be vigilant when considering restoring the gold standard
system"

The official Communist Party People's Daily (Renmin Ribao) (12/03):
"Recent Western opinion has advocated a new Bretton Woods system
with the U.S. dollar as the core and restoration of the 'gold
standard' to solve the financial crisis. The appearance of such
thought is not accidental. There is a great deal of background.
The American financial crisis has caused the loss of the U.S.
dollar's credit. Therefore, American financial strategists seek to
use the gold standard system to maintain the global financial system
led by the U.S. The reason that the U.S. and Europe choose to use
gold standard is the fact that the most of gold reservation in the
world is in their control. The restored gold standard system will
not be the original gold standard system, but instead a 'partial
reserve system' partially based on gold. Therefore, rapid economic
growth will be relatively limited in the area of currency supply.
The possible consequences would be: first, due to the economic
growth of the U.S. and Europe is low, the partial reserve system can
satisfy their currency supply and will not form serious restriction
on their economy, but will greatly restrict China, India and other
developing countries. Second, developing countries have to spend
lots of foreign reserve to purchase gold. This decision betrays the
common wish of the international society to substantially reform the
international financial system."

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b. "The financial crisis will substantially improve U.S.-China
relations"

The official Communist Party international news publication Global
Times (Huanqiu Shibao)(12/03): "It is worth asking, how will the
current financial crisis influence U.S.-China relations? The
financial, military, and culture hegemony of the U.S. have been
impacted by the crisis in an unprecedented manner. Improvement of
China's strategic position has come earlier than people had
expected. The financial crisis currently faced by the U.S. and
China is providing a new strategic foundation for both the U.S. and
China. Gradually-increasing, mutual economic dependence and
cooperation will bring substantial improvement to U.S.-China
strategic relations."

3. U.S. GOVERNMENT TRANSITION

"The experienced officials and Obama: who should listen to whom?"

The official Communist Party international news publication Global
Times (Huanqiu Shibao)(12/03): "Obama's new diplomatic and security
team has created a sensation around the world. At the same time,
Obama's ability to dominate those experienced officials is being
questioned. Some media indicate that having so many "hawks" seems
to disavow Obama's promises during the election campaign. Chinese
analysts indicate that Obama's biggest appeal during the elections
was change. But looking at his newly assigned team, people are
questioning where the changes are. Obama's security team is clearly
a transitional one. After all Obama is new in political basis and
experience. He has to rely on the current team of Democrats; the
assignment of Hillary and two senior military men are the result of
this background. Obama's foreign policy, including China policy,
will go through a growing and maturing process."

RANDT

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