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When the global financial storm began to gather a year ago, China appeared to be a nation that was well supplied with raincoats. The economy was growing at double-digit rates, Chinese banks had little overseas exposure to the credit crisis, and the country's $1.9 trillion in hard-currency...

Author: /time Magazine | Title: How Will China Weather the Financial Storm? | 10/23/2008 | See Source »

Chinese manufacturers are particularly vulnerable to a recession right now because of higher labor and commodities costs and because of the simple fact that China's boom resulted in the creation of far more factories than global demand could possibly support in a cyclical downturn. A shakeout is unavoidable, and...

Author: /time Magazine | Title: How Will China Weather the Financial Storm? | 10/23/2008 | See Source »

The debt binge was fueled by easy money and the belief that prices of assets - those of houses in particular - never went down; only interest rates did. That era is over. It will be replaced by what will be one of the more painful, and consequential, economic chapters in our...

Author: /time Magazine | Title: Living in a World with Less Credit | 10/23/2008 | See Source »

The one exception, though, is Uncle Sam. Even before the financial crisis forced the government's hand, the U.S. had again become addicted to deficit spending - relying on the kindness of strangers (in this case, mainly Chinese and Japanese central bankers) to finance its spendthrift ways. In September the Congressional...

Author: /time Magazine | Title: Living in a World with Less Credit | 10/23/2008 | See Source »

Wall Street's Newfound Virtue In February 2000, one of the street's most powerful executives petitioned the Securities and Exchange Commission (SEC) to allow his firm and other investment banks to raise their levels of leverage. He wanted the commission to alter something called the net-capital rule, which...

Author: /time Magazine | Title: Living in a World with Less Credit | 10/23/2008 | See Source »

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