An article from the New York Times to support my claim of scapegoating that will happen. It is not the fault of the US to borrow and spend so much but the fault of the Chinese to lend so much. Historically tiger economies could maintain low currencies as their pool of human resources was seemingly endless. In addition productivity growth allowed to provide goods with limited upward pressure on currencies.
The Reckoning - Chinese Savings Helped Inflate American Bubble - Series - NYTimes.com
Friday, December 26, 2008
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment