A fascinating and thought provoking book, with an ominous title
There is an ancient saying in Eastern countries in general, and China and India in particular, and in some African countries too, that "A man is rich when other people owe him money". What applies to an individual could very easily apply to a nation as well. And judged from this point of view, China, which owns more than a trillion dollars of America's debt, is a very wealthy nation indeed.
In his fascinating, sprawling, and thought provoking book, with a long, ominous and scary title: "When China Rules the World: The End of the Western World and the Birth of a New Global Order", Martin Jacques, a columnist for The Guardian of London, elucidates that China will not only displace the United States as the preeminent superpower, but also dominate the world stage in economic, social and cultural fields, and change the Western world's concept of what it means to be the preeminent global power. For me, what was even scarier and more ominous than the title was the impression I got as I read the chapters and his well-reasoned and masterfully elucidated points, and the stubborn, indisputable facts and figures that can not simply be brushed away as pure fantasy. And what is truly enigmatic is that America seems to be steadily and willfully marching in the direction of a steep precipice located not too far away.
I find it quite fascinating that what he predicted and wrote last year- that the United States will find itself on the eve of a psychological, emotional and existential crisis as it enters a protracted period of economic, political and military trauma - is happening right now. With unemployment hovering around 14% in several states, and a large number of Americans subsisting on food stamps only and no income, and now that President Obama has decided to send 30,000 more troops to Afghanistan, even as civilian deaths caused by drone attacks and night raids have increased dramatically, causing a great deal of trauma, and ever growing anger and resentment and even hatred of America, the author is certainly right regarding "a protracted period of economic, political and military trauma" .
Written in lucid prose, this book is quite reader friendly: "The meltdown of some of Wall Street's largest financial institutions in September 2008 underlined the shift in economic power from the West, with some of the fallen giants seeking support from sovereign wealth funds and the US government stepping in to save the mortgage titans Freddie Mac and Fannie Mae partly in order to reassure countries like China, which had invested huge sums of money in them: if they had withdrawn these, it would almost certainly have precipitated a collapse in the value of the dollar."
I do not agree with all that the author has written, of course. He states: "At least for the next century, the new world will not be Chinese in the way that the previous one was Western." But at the rate our nation is marching in the wrong direction propelled by misguided notions, and the belief that we can solve many of the world's simmering problems using our military might, I am afraid that the loss of USA's preeminence on the world stage will occur sooner even than the author predicted.
Not all readers would be persuaded by this book, however. But this book is worth reading if one reads it with an open mind. I found the book truly gripping, fascinating and thought provoking.
Yesh Prabhu, Plainsboro, NJ
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