Dean nails PK on this. The background is that PK suggests the Chinese have been
eating dollars without recognizing the risks of depreciation, missing the fundamental Chinese motivation of exporting into the U.S. Quite an oversight for a trade economist. From: [email protected] [mailto:[email protected]] On Behalf Of MICHAEL YATES Sent: Friday, April 03, 2009 7:14 PM To: pen-l Subject: [Pen-l] Paul Krugman on the British Empire In Paul Krugman's New York Times column today, he says, "China acquired its $2 trillion stash-- turning the People's Republic into the T-Bills Republic--the same way Britain acquired its empire: in a fit of absence of mind." I found the part I put in bold mind-boggling. Maybe that is the way the nobility and the merchants took possession of peasant land in Britan proper too. Michael Yates
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