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  • America: A Nation Named Desire [View article]
    We owe Chinese government more than a trillion dollars. Remember: "if you owe bank $100, it's your problem. If you owe $100 million, it's bank's problem". China holds more than a trillion in Treasuries, it's China's problem. Any country with big reserves in Treasuries, i.e. China, Japan etc. will have their reserves evaporate if Treasuries fall. So they won't.

    And yes, US is the consumer of the last resort. Japan's policy of high savings has not been sustainable in the long run. Chinese won't be either. If country doesn't develop internal market, all export oriented growth is for nothing. If you don't believe me, look at this chart:

    finance.yahoo.com/echa...=^N225#chart1:symbol=^...

    US consumer can't carry the world anymore. Other countries have to pick up on credit and consumption.
    Jan 13 12:33 pm |Rating: +4 -1
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