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opinion China: Purchasing goodwill in Europe C hina has more than $3 tril- lion in currency reserves, more than any other coun- try in the world. They’ve decided to use some of their reserves to invest in the euro, the currency of the European Union. In putting money behind the euro, China says that despite the challenges posed by financial problems in Greece, despite worries that the euro is weakening, in the words of Premier Wen Jiabo, it has “confi- dence in the economies of Europe and the euro-zone”. This isn’t the first time that China has played rescuer in Europe. In April, it bought bonds and some debt in Spain. We should be clear that China bought more than bonds and debt, though. China is in the process of purchasing goodwill in Europe, goodwill that they can’t buy in the United States. They are also diversifying their holdings, and tilting away from the dollar and toward the euro, which many see as the alternative global currency. Is the dollar too big to fail or to undermine? Not with a stable euro! We have already seen the oil- NNPa c olumNISt Julianne Malveaux producing nations tilt toward the euro, partly in response to their perception that the United States has been biased against Arab nations. We have seen the dollar weakened, and we have seen our nation’s mounting debt. Consider the contrast. While the United States struggles to raise our debt ceiling, China has money to burn, and they are burning it by bailing out the euro and displaying their confidence in the ways Europe will help build the world econo- my. With votes on several interna- tional finance positions coming up, could China’s support of Europe buy them a bigger role in the World Bank or the International Monetary Fund, or could it open up the possibility that some in Europe might be more open to having leadership from countries other than the United States and Europe in those roles? There are so many signs that China is in its ascendency, while the United States is in a downward spiral. While China is investing in higher education, the United States is divesting in education. While the number of engineering graduates in the United States is stabilizing or dropping, the num- the world economic game to the best of its ability, even as it invests internally to provide the best edu- cation they can for their citizens. But the United States should be doing the same thing. Instead, we have basked in the glow of being world leader for so long that we don’t realize that the rules of the game are changing and that China is nipping at our heels and our influence is waning. While other countries are shoring up educa- There are so many signs that China is in its ascendency, while the United States is in a downward spiral ber in India and China is rising, if not soaring. China’s increased investment in Europe, when cou- pled with its growing investment on the African continent, signals its commitment to be a player in world economic policy, and its willingness to use its investment strategy to find allies. This does not bode well for the United States. To be sure, China should play tion, we have a growing achieve- ment gap. African American youngsters enter the educational system disadvantaged too often, and the gap rises as these young people attend underfunded inner city schools. While much of the attention around the achievement gap focuses on boys, Black girls, too, have an achievement gap, but it has been less frequently researched than that gap for boys. Some of the gap has to do with public policy, but some has to do with personal habits. While only 40 percent of African American households have at least 100 books in the home, about 80 per- cent of white households have at least 100 books. White parents are more likely to read to their chil- dren than African American par- ents are. And the average African American youngster watches about 8 hours of television a day. We don’t need to pass a law to turn the television off. There is a poli- cy gap, but also a personal gap, that contributes to the waning of U.S. influence in the world. The United States global posi- tion will continue to erode unless we choose to invest in people, in education, in jobs. African Americans, too often at the periphery, will also see our status erode unless we are creative and, indeed, combative, against trends that weaken our community. China is doing what it needs to do to secure its world position. What are we doing to secure ours? Julianne Malveaux is President of Bennett College for women in greensboro, nC New Black Mayors Bolster War on unemployment T he recent elections of Alvin Brown as Jacksonville, Florida’s first African American mayor and Michael Hancock as Denver’s second Black mayor, provide much need- ed new hope and leadership in the war on unemployment. Both Brown and Hancock have strong Urban League roots and both have made job creation in their cities job number one. On May 19th, Alvin Brown, a former president of the Greater Washington Urban League Guild, shook up the political establish- ment of Florida’s largest city when he won election as Jacksonville’s t o B E E qual Marc Morial Community Empowerment Board, he managed a $4 billion initiative to create jobs in urban America. Upon winning the elec- tion, Brown said, “My first priori- ty is jobs. We must invest in the inner city and create public-pri- vate partnerships.” Denver Mayor-elect, Michael Hancock, credits his background as the for- mer President of the Denver Urban League and his two-terms as President of the Denver City Council with inspir- Dr. Martin Luther King, Jr. ing his run for City Hall. He won a run-off elec- tion on June 6 and becomes the second first African American mayor. African American mayor in the Mayor-elect Brown’s long arc to history of the Mile High City. City Hall began in the working Wellington Webb was the first, class neighborhoods of serving from 1991-2003. Jacksonville, where he was raised Hancock had a tough childhood. by a devoted mother and grand- Growing up, he and his nine sib- mother who worked two jobs to lings experienced periods of raise him and his siblings. He homelessness. A brother died of worked as a meat cutter at the AIDS. A sister was killed by an local Winn Dixie while attending estranged boyfriend. Through it Jacksonville State University. all, Hancock has always been a Hard times almost derailed his leader, both in his family and in college aspirations until a the Denver community. He Jacksonville pastor co-signed for a attended college in Nebraska, loan to keep him in school. returning home every summer to Brown earned his B.S. and work in Mayor Frederico Pena’s M.B.A. from Jacksonville State office. After graduation he earned and completed post graduate study his Master’s in public administra- at Harvard’s Kennedy School of tion from The University of Government. He served as a sen- Colorado-Denver. ior urban affairs advisor for both Hancock started his career in the President Bill Clinton and Vice 1990’s, holding down two jobs at President Al Gore. As executive the Denver Housing Authority director of the White House and the National Civic League. ‘The arc of the moral universe is long, but it bends towards justice’ He joined Metro Denver’s Urban League affiliate in 1995 and in 1999, at the age of 29, became the youngest Urban League president in America. When asked about his priorities as Mayor, Hancock answered, “Growing jobs, without question. Everything we do will be about the sustainability of jobs in this city. Nothing’s more impor- tant…” Alvin Brown and Michael Hancock know what it means to beat the odds. They are also both committed to creating good jobs so that more Americans like them have the chance to realize their dreams. We congratulate them on their victories and wish them all the best. Marc h. Morial is the President and Ceo national urban league. Week on the Web R&B diva Patti LaBelle has filed a countersuit in a case where her body guards beat up a West Point cadet at an airport. Both sides have differing accounts of what happened … in “Music Reviews” In a rebuke to the GOP, Obama says taxes should be raised on the wealthiest Americans… in “Breaking News” Portland rapper Yung Mil, age 17, has won the Def Jam Rapstar contest ... in “Music Reviews”A former New Orleans police officer is defending himself against charges that he murdered innocent people after Hurrican Katrina and then he, and other officers, worked to cover up their crimes … in “National News” Portland American Friends Service Committee is sponsoring a Freedom School for Youth … in “Northwest News” www. The Skanner.com has the latest news from Portland and beyond, on your mobile or your desk- top, it’s your go-to place for the news you won’t see in mainstream publications. It’s your community. It’s The Skanner. June 29, 2011 The Portland Skanner Page 5
