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Our biggest banker gets bigger |
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Written by Stumo
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Friday, 18 January 2008 |
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Once upon a time, the U.S. was the world''s biggest creditor.
Now we are the world's biggest debtor. China is our banker.
China holds $1.5 trilliion in foreign reserves from their trade surplus. A new high in the midst of rapidly accelerating gains.
Good job free traders. You're smart folks. Sorry we did not listen to you.
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In the news
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The following article appeared on the online site for Manufacturing & Technology News on November 17, 2008 and was written by Paul Craig Roberts, former Assistant Secretary of the Treasury in the Reagan administration.
By most accounts the U.S. economy is in serious trouble. Robert Reich, an adviser to President-elect Obama, calls it a "mini-depression," but that designation might be optimistic. Russian economist Mikhail Khazin says that the "U.S. will soon face a second Great Depression." It is possible that even Khazin is optimistic.
I cannot predict the future. However, I can explain what the problems are, how they differ from past times of troubles and why traditional remedies, such as the public works programs that Reich proposes, are unlikely to succeed in reviving the U.S. economy. |
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