VZCZCXRO3260
RR RUEHCN RUEHGH RUEHVC
DE RUEHBJ #4643 3580919
ZNR UUUUU ZZH
R 230919Z DEC 08
FM AMEMBASSY BEIJING
TO RUEHC/SECSTATE WASHDC 1557
INFO RUEHOO/CHINA POSTS COLLECTIVE
RHMFIUU/CDR USPACOM HONOLULU HI
UNCLAS BEIJING 004643
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: FINANCIAL CRISIS, CHINA-EUROPE RELATIONS
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Editorial Quotes
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1. FINANCIAL CRISIS
"Madoff won't be the last 'Cockroach'"
The official popular newspaper Beijing Youth Daily (Beijing
Qingnianbao) (12/23): "The 'Cockroach theory' states that one item
of bad news means that there is sure to be more bad news to come.
This scam is an indication that there is more bad news lurking just
out of site. It is the collective greed of many people that caused
this kind of scam. The Wall Street's core belief is that 'men cannot
defeat the market' which has been proven wrong. Who knows what the
next cockroach will be after Lehman Brothers and Madoff? Foreign
companies should stop believing in investment fairy tales boasted by
Wall Street institutions. This scam alerts people internationally to
the risks involved with investing. Specifically, it alerts those who
are interested in bargain hunting, stating that if they neglect
their risk controls, they may find themselves in another Madoff
Scam."
2. CHINA-EUROPE RELATIONS
"The pain in the China- Europe relationship will help create a new
type of relationship"
The official Communist Party international news publication Global
Times (Huanqiu Shibao) (12/23): During Sarkozy's presidency of the
European Union, there have been some setbacks in the China- Europe
relationship. The sense that the Europeans are superior has been
shaken. Although there are some biased views between China and
Europe concerning ideology, their opinions concerning major global
issues have improved. The consensus between Europe and China is
based on their recognition that it is a multi- polar world; this
type of world requires multilateral diplomacy. When there are no
arguments between China and the U.S., it is not an indication that
their relationship has improved. Similarly, a quarrel between Europe
and China is not necessarily a sign of a deteriorating relationship.
China - Europe relations have a profound and strategic foundation.
Globally, the European Union is a larger threat to the American's
core interests due to the competition of the Euro and the Dollar. At
this important historical moment, if there is any disagreement
between China and Europe over ideology, America will be happy. The
world has started entering an era of the big triangle of
U.S.-China-Europe. This may not lead to a zero-sum game. However, we
should realize that the temporary pain in the China- Europe
relationship is normal and the unusual silence between China and the
U.S. is worth being concerned about.
RANDT