West bells China and says catch the mice

First, there was G7, the group of seven industrialized countries. Then came G8. Now the buzz revolves around G2, making it explicit that China has been recognized as a new "superpower". But China is not ready for this new status.

So what happened to all the brouhaha over G7 (or G8)? The G7 has enjoyed a free princely feast for years, and is thoroughly drunk on its importance. The US has made a mess of itself, forcing many in the West to look for a country that can help fix the problems it has created - but is unable to solve. As for G20 members, most of them are trying to solve their own problems, created by the global economic crisis. The European Union (EU), being a member of G20, would have been the ideal US partner in G2. But it is in no better shape than the US. The same is true of Japan.

So the global onus seems to have fallen on China, which with its $2 trillion foreign reserves and an amazing 8 percent growth despite worldwide recession is seen by many to have the ability to help fill the trillions-dollar black hole created by the West. It's a different matter altogether that China, as a developing country, is itself a victim of the West's economic misdeeds and is desperately trying to solve its own problems.