"Aspreading financial crisis has accomplished what tradition, habits of alliance management and shared security concerns could not: It has given Europe a central place in President Obama's view of global affairs," writes Jim Hoagland in The Washington Post:

Atlantic Community:

EU countries mired in debt are getting help from an unlikely source: China. The ascendant superpower is buying up large amounts of European bonds and investing heavily in euro zone countries. Moreover, there is talk of a reversal of the long standing EU arms embargo on China. Is this all a coincidence?

Kurt Volker, a former U.S. ambassador to NATO and now managing director at Center for Transatlantic Relations at Johns Hopkins University commented: "If all this were to play out - that is, lifting the embargo, subsequent sanctions, etc. - it would be a new low point in U.S.-E.U. relations." (HT: NATO Source)

I agree. I hope the EU does not lift the arms embargo. In my opinion NATO countries should not sell any arms to non-NATO members.

"The transatlantic alliance is likely to become more relevant as new powers rise." That is the conclusion of the report "The Transatlantic Alliance in a Multipolar World" (pdf) by Thomas Wright and Richard Weitz, which was just published by the Chicago Council on Global Affairs.

The most interesting argument in the report is IMHO: "The future appears likely to bring multipolarity without multilateralism. It will thus fall to the United States and Europe to act as a convenor of like-minded countries to ensure that the integrity and effectiveness of the international order is preserved."

This is of great relevance because:

This is my favorite quote of the year so far: "Would we have allowed Nazi Germany to host the Olympics?"

This awesome statement was found on a protest sign in San Francisco. German Joys and Andrew Sullivan have a picture.

This statement is fascinating on so many levels. Not just because the author has not heard about the 1936 Olympics in Berlin. And not just because of his/her comparison between Nazi Germany and China. I find the statement revealing because the author apparently thinks that it is the United States as Master of the Universe that gets to decide who is allowed to host the Olympics.

Apparently it is not just US presidents and senators (and plenty of slightly megalomaniac "experts" without any military experience) who boldly declare stuff like "we must not allow Iran to develop a nuclear weapon" or similar phrases along the lines of "We must not allow evil doers doing evil stuff." Apparently even the usually pretty left-leaning protestors in San Francisco consider the United States to be a hyperpower.

Actually, right now President Bush is not making any bold statements regarding China. All of a sudden, he prefers quiet diplomacy. What a change from this second inauguration speech three years ago.

Over at Atlantic Community, we have recommended a few press commentaries regarding China and the Olympics:

• Chinese Outcry Against the Western Media: "The Chinese believe that Tibet cannot be the real reason for Western criticism of China and call for boycotts."
• The Positive Side of Chinese Nationalism: "The Olympics have inspired Chinese nationalism which will lead to increased civil engagement and awareness of the responsibilities and rights of citizenship."
• Will the Chinese Change International Institutions?: "In the past, the World Bank, like the IMF, was traditionally dominated by American, Europeans, and their neoliberal agenda. However as American financial pillars are now underpinned by Chinese money, it has become impossible to ignore Chinese interests."

UPDATE: Megalomania and arrogance is of course not limited to the US, but also widespread in Europe, where declarations about "not allowing" Iran, China and others to do something are even more ridiculous considering our real political influence and military power. I just wanted to clarify that this post is not meant to bash the United States, but to criticize stupid and arrogant people, who overestimate their country's power. These people are a danger to their country.

China has now overtaken the United States as the greatest perceived threat to global stability in the eyes of Europeans, according to the opinion poll commissioned by the Financial Times. The poll, carried out by the Harris agency between March 27 and April 8 and published on Tuesday, found that 35 percent of respondents in the five largest EU states see China as a bigger threat to world stability than any other state.

Moreover, the United States is also doing better in popularity contests: Atlantic Community noted: "For the first time since 2005, the number of people abroad that view the US as a positive force has increased slightly, to 35 percent."

Related posts in the Atlantic Review:

• Europe is a Threat to the United States

• Transatlantic Foreign Policy Attitudes and Threat Perceptions

A Chinese company with ties to Beijing's military and past links to Saddam Hussein's army in Iraq and the Taliban will gain access to U.S. defense-network technology under a proposed merger, Pentagon officials say. (...) Rep. Duncan Hunter, California Republican and ranking member of the House Armed Services Committee, said he is worried the deal will lead to the loss of sensitive technology to China.

Iraq has ordered $100 million worth of light military equipment from China for its police force, contending that the United States was unable to provide the materiel and is too slow to deliver arms shipments, Iraqi President Jalal Talabani said yesterday. The China deal, not previously made public, has alarmed military analysts who note that Iraq's security forces already are unable to account for more than 190,000 weapons supplied by the United States, many of which are believed to be in the hands of Shiite and Sunni militias, insurgents and other forces seeking to destabilize Iraq and target U.S. troops.