|
On the visit of John Snow, US Treasury Secretary,
to China. NYTimes, October 14th:
Mr. Snow argued that China's consumers and
entrepreneurs are badly in need of financial sophistication offered by
American banks and investment banks.
As he wandered through a thriving farmers' market
and a traditional rural credit cooperative, Mr. Snow said that with better
credit, Chinese families would be able to spend more money, buy more goods and
perhaps reduce China's huge trade surplus with the United States.
"Good credit facilitation and consumer finance is
going to help consumers buy more things," Mr. Snow said.
"We see consumerism and consumer credit as going
directly to the thing we have most on our minds - the global imbalances."
The "global imbalances" Snow is talking
about is the growing dependence of the US economy on manufactured goods from
China as well as the US government's dependence on Chinese credit.
Ed
|
_______________________________________________
Futurework mailing list
[email protected]
http://fes.uwaterloo.ca/mailman/listinfo/futurework
