Monday, June 1, 2009

Letter to the Chinese Ambassador in re: Visit by U.S. Treasuy Secretary to China

The Chinese Government needs to be honestly informed regarding the causes underlying the current financial crisis, after all - with $2 trillion reserves denominated in U.S. currency, the Chinese government is a fully vested partner in the U.S. economy, and continued stability depends on its good will...

His Excellency Zhou Wenzhong

Ambassador Extraordinary and Plenipotentiary

of the People’s Republic of China to the U.S.

RE: U.S. Treasury Secretary visit to China, and expectations of reforms in U.S. financial institutions, U.S. regulatory agencies, U.S. Human Rights record, and compliance with U.S. and international law.

Dear Ambassador Zhou Wenzhong:

I am a resident of Los Angeles County, California, and I write to this letter as a loyal citizen of the United States, with the peace and prosperity of both U.S. and China in mind. The timing of this letter is meant to coincide with the visit of U.S. Treasury Secretary Timothy Geithner to China, to review economic policies[2]. The aim of this letter is to point out to Chinese officials specific areas where U.S. management of financial institutions, financial markets, regulatory agencies, and law enforcement are in need of improvement and monitoring. The underlying assumption is that the administration of President Obama is committed to such reforms after a number of years of reckless government conduct. Chinese support of stability of the U.S. economy in recent years, in the face of conduct in the U.S. that undermined its own economy, should be gratefully acknowledged by all U.S. citizens. Recent initiative by Zhou Xiaochuan, Governor of the People's Bank of China notwithstanding, China, with its large holding of foreign exchange reserves, estimated at $2 trillions, is a fully vested partner in the U.S. economy. This letter offers specific suggestions relative to ways in which the Chinese government can support and monitor progress in President Obama’s reform efforts, with emphasis on integrity of data collection, data analysis, reporting by financial institutions, conduct of U.S. regulatory agencies, human rights, and compliance with both U.S. and international law.