Word: paulson
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During an economic summit in Beijing last month, U.S. Treasury Secretary Henry Paulson and the rest of a high-powered American delegation, including Federal Reserve Board Chairman Ben Bernanke, had to suffer through a condescending lecture, replete with PowerPoint presentation, from China's Vice Premier Wu Yi. One of the country's top bureaucrats and a woman with a vaunted reputation as a problem solver, Wu enlightened the Americans with a lesson on the 5,000-year history of China. Her essential point: those who criticized China's economic policy did so out of ignorance. "We have had the genuine...
...wrote Ryan, “requires patience and a good understanding of human psychology.” While Summers was named “worst crossover,” the current secretary of the Treasury nabbed the title of “best crossover.” Henry M. Paulson left his job as CEO of Goldman Sachs last spring to take the cabinet-level post. Summers did not return requests for comment yesterday. —Staff writer Madeline W. Lissner can be reached at mlissner@fas.harvard.edu...
...Before leaving Washington, Paulson did his best to downplay expectations from the grandly named "Strategic Economic Dialogue" his delegation will conduct with the Chinese. There would be no big announcement after the two days of talks, Paulson told one interviewer, stressing that this was the start of a "long-term dialogue." His downbeat spin is hardly surprising: Beijing has been fending off U.S. demands for years on the issue of currency exchange rates, and also intellectual property rights (meaning pirated movies and brand-name goods). In 1996 this correspondent was told by a White House economist who had just returned...
...Paulson's problem is compounded by the fact that the clock is ticking. With a new Democrat-run Congress due to open for business in January, he may not even have months. One of the most powerful Democratic voices in the Senate will be that of Charles Schumer, co-sponsor of a temporarily postponed bill that would impose heavy tariffs on Chinese products if Beijing doesn't allow the renminbi to rise from what Schumer and others say is its current artificially low level against the dollar. Paulson may remind the Chinese, also, that the new Speaker of the House...
...recession from which it is still struggling to emerge. Given the social unrest already plaguing an economically booming China, they might add, the chaos such a prolonged economic downturn could engender is frightening to contemplate. These arguments are of course all too familiar to both sides. Which means that Paulson's 73rd trip to China is likely to end the same way that those of his less Sino-centric predecessors did: lots of talk but no action...