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...purchasing government securities with dollars it conjures out of thin air) reduces the value of existing dollars. And a government in truly dire fiscal straits - Germany in the 1920s is the most famous example - may print so much currency that it makes the stuff effectively worthless. Our fiscal straits aren't that dire just yet. But chronic deficits during George W. Bush's Administration, even bigger deficits brought on by the financial crisis and President Obama's efforts to stimulate the economy, plus looming shortfalls related to Social Security and Medicare will add up to economy-straining debts...
...Food-stamp beneficiaries aren't them--they...
...economists say Beijing's measures aren't going far enough. Huang Yasheng, professor of political economy at the MIT Sloan School of Management, says that the government needs to do much more to accelerate the income growth of poor Chinese if consumer spending is to play a bigger role in the economy. The average Chinese, he says, doesn't have as much cash to spend as many people think. Actual household income per capita is only about half of GDP per capita, compared to 80% or more in other major economies, placing "a cap," Huang says, on consumer spending...
...reduce the risk of another round of panic selling, Saks and other retailers have ordered up to 20% less inventory for this holiday season. "You clearly aren't going to see the kind of discounting that you saw last year," says Sadove, although he doesn't rule out 70%-off sales being held at the end of the season if there's inventory left...
...President Obama may see when he is there comes not just from the frenetic activity that is visible everywhere. It comes also from a sense that it's harnessed to something bigger. The government isn't frantically building all this infrastructure just to create make-work jobs. And kids aren't studying themselves sleepless because it's a lot of fun. A few years ago, I interviewed Zhang Xin, a young man from a deeply poor agricultural province in central China. His parents were wheat farmers and lived in a tiny one-room house next to the fields...