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...Chinese government has quickly awakened to the threat of a sharp slowdown. Until a few months ago, Beijing's top priority had been fighting inflation. Now policymakers are easing off the brakes and hitting the gas again in an effort to stimulate growth. The central bank lowered its benchmark interest rate twice in the past 45 days, the first cuts since 2002. In mid-October, the State Council announced plans to increase infrastructure spending, to offer tax rebates for exporters and to boost government-controlled prices for agricultural products. Beijing is also widely expected to introduce measures to resuscitate...
...seen this movie before, and it's not a happy one. Japan's financial sector imploded in the 1990s as bubbles in real estate and stock prices (sound familiar?) burst. Eventually, Japan's central bank drove interest rates to near zero to stimulate the economy. But it was, as the economists say, "pushing on a string." Banks were reluctant to lend because they needed to hoard capital to repair their balance sheets - just as they need to do now in the U.S. Economic growth slowed, and demand for the credit that was available diminished. The result was Japan's infamous...
...aren't shy about having money to lend. Speed's outfit, the 126,000-member Texas Dow Employees Credit Union (TDECU), has been running TV spots since August and is doubling its ad budget for the fourth quarter. (At times, TDECU has been accused of being too aggressive: community banks, which have also been faring relatively well, and the FDIC loudly objected when one ad painted the entire banking industry as "under a dark cloud.") To meet loan demand, TDECU is borrowing from corporate credit unions and the Federal Home Loan Bank of Dallas, but even then...
...Surviving a crash isn't just a matter of everyone holding hands. Strong institutions matter. While banks toppled throughout the region, Hong Kong banks, with their conservative internal controls, came through the crisis virtually unscathed. They've been through crises, panics and bank runs before, and they didn't play the financial games that hurt their counterparts in places like Thailand and South Korea...
...This self-confidence of modern China, and other Asian societies, too, has had profound implications. At the most basic level, it has encouraged a wide-eyed admiration. In 2004, the World Bank held a global conference on poverty reduction in Shanghai, and I remember press reports describing the scene each evening. African delegates would gather on the Bund and look over the brown waters of the Whampoa to Pudong, gazing in wonder on an unearthly tableau of neon and skyscrapers built on marshes and paddyfields in not much more than 10 years...