Word: china
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...rates will inevitably go up, which means interest payments will too. According to this school of thought, as our debt grows, lenders will be willing to take the risk of giving more money only if they can get more in return. And yet with the rise of China, India and Brazil, the world is awash in money looking for safe places. Even with the U.S. economy weak, the dollar remains one of the few truly safe havens, and that means interest rates could stay low for a very long time, which in turn means that our debts - however...
Indeed, though eliminating deficits might seem wise, it could actually be fatal to future prosperity. China is spending hundreds of billions of dollars on infrastructure, while America can hardly repair its bridges. The U.S. has to invest and spend to build a future, to help re-create a workforce, and for now debt is a means to that end - provided Washington shows it can effectively channel that money. (See the best business deals...
Karabell is the president of River Twice Research and author of Superfusion: How China and America Became One Economy...
...What I do not understand is the practice of depreciating one's own currency and attempting to pressure other countries to appreciate theirs for the purpose of increasing exports," he told reporters during a nationally televised event that wrapped up the annual session of China's parliament. "In my view, that is a kind of trade protectionism." (See pictures of the making of modern China...
...presumably referring to the U.S.: President Obama declared in a speech last week that he wanted to double U.S. exports over the next five years and challenged China to adopt a "market-oriented exchange rate" for its currency, the renminbi. But the policies that Wen was criticizing are in many respects what China has pursued for years. The renminbi has been pegged against the dollar since mid-2008, and overseas economists say the currency may be undervalued by as much as 40%. Trade is a key component of economic growth for China, the world's largest exporter, and the government...