Also in this playlist...
This transcript is automatically generated
Just made his first trip to China forty years ago.
In July of 1971.
And in so doing pave the way for the historic summit between President Nixon and I'll -- -- and the normalization of US China relations.
Now they former secretary of state Henry Kissinger is written important new book entitled on China.
And it is great -- to have you with us here -- it was good to be revelations on the new book.
Are indeed is as such an important relationship in your focus on that profound.
Would you have ever a mansion and 1971.
That we would be looking at a situation in which China held more than a trillion dollars.
Of our debt.
And that we were absorbing their exports at the rate we are.
That they were an upsurge and we were never -- suitably.
Four years after my -- content and then I think Tiffany five.
Trade with China ruthless and -- -- with a Buddhist.
-- -- -- -- -- But I could spend they have a -- Nixon went there.
We had a pregnant ground station business so that we could communicate with its marketing.
It's an extraordinary tale and an extraordinary book and is is -- is we contemplate.
How this relationship will ball.
The way in which the -- your focus of the -- the United States has managed its finances its fiscal policy as well as its foreign policy.
And none of it to our advantage.
What is what is the effect.
I think when have to because seven to did not -- challenge to -- -- -- into the senate with China.
Could through defendant to creditors.
Of two segments have.
Until then the Chinese.
-- -- knew how to manage.
And tried to -- says there's a model sent people over here.
And then they found.
That not only did development out of prohibitive that they managed.
The companion crisis mode rapidly didn't need it.
And I think this case.
That created the -- -- Recommendation.
But it did -- -- -- Taken less seriously and at the same time.
Your view that China as who's going to be a competitive but cooperative.
-- I'm saying.
Did have it didn't patent it depends.
-- would be created the that is balanced approach it.
I think this -- we took.
The -- -- -- outcome.
It's a cooperative punitive.
But Wednesday that it may be cooperative.
Depends and and up before.
We can evidence that needs that we could have expected Japanese.
Who make up for should -- -- we've phobia and in our economic fifth -- to me become.
Effectively the best in -- -- -- -- modes of gross net of competitiveness.
And did so.
Both students -- a speculative activities.
In -- elected.
And it's really have consequences.
On over the move.
Consequences that may be in some part.
Manifest right now.
When the United States is depended upon China.
For its consumer electronics -- its computer products or technology including advanced technology when the United States exports.
Are primarily the waste and salvaged and soybeans.
We are the ones who looked like -- irrespective of the financial dependence we have on China we look like the Third World emerging economy.
And -- this superior industrial -- Yes but to -- fundamental cause of it is shortcomings.
Not too much -- -- -- we could so that trend needs to -- would have been to have unthinkable.
Now that China would be that.
Competitive -- investors are prepared to the United States.
A competitor and one that is winning right now it seems.
-- is there this this view in your mind for example I've been very critical of the United States policy.
On trade with China rather than pursuing our mutual balanced trade relationship with China and indeed the world.
Do the Bush Administration trying to attack me as an economic isolationist which is -- something on the farthest from being.
And this administration like the previous administration.
Is calling upon China to.
And I have maintained throughout that that is -- because we're so dependent on exports from China which there will be no price elasticity.
And that we will simply -- and bringing in greater inflation into this country as well as their products.
There is this attitude that the United States somehow still has the license if it ever did to tell other countries and -- -- superpower like China.
What to do rather than take responsibility for our own policies are we going to get out of.
Get out of -- but I fixing -- -- couldn't sentenced.
It and into which -- failed.
Of that tape.
By neglect but there's no doubt that the Chinese.
With who they have management entrance standards -- And the fundamental cause it's not the picking of the of the currency.
There's fundamental because it's people who all.
-- -- -- to a relationship -- And we could -- -- the -- it's impossible to predict if with the -- behind.
Output capita income going to be to the intent of our quality.
For the foreseeable future -- -- Commended to do it appropriate to open its -- But in -- it's.
-- -- about economics.
-- -- to have to fix I don't -- Well professor it's always great to talk -- thanks for being here and the book is on China.
And it is also upon Lou Dobbs dot com on the home page or you have to go through what got -- -- -- A book will magically appear also so what would -- and your child.
Professor Henry Kissinger thanks for being -- great --
Filter by section