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COMMENTS: People’s Republic, the Next Superpower
In Beijing, CBS' Barry Petersen picked up on China's role, "radiating a new confidence and acting more and more like the superpower it fully intends to be." As the rest of the global economy shrinks, China's is still growing: "What Americans are not buying--made-for-export items from speakers to socks to sewing machines--are being snapped up here." That, Petersen explained, is what gives the People's Republic the clout to lecture the United States about its credit rating "like a First World country nervous about the health of a Third World economy" and to propose that the US dollar be replaced as a global currency by something "more trustworthy."
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