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 
 
-------------------- 
  Editorial Quotes 
-------------------- 
 
¶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