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Banker Admits 'We Engineered the Global Financial Crisis' 3 of 3
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Chinas economic growth is sputtering, the Euro is under threat, and the
United States is combating serious trade disadvantages. Another Great
Depression? Not quite. Noted economist and China expert Michael Pettis
argues instead that we are undergoing a critical rebalancing of the world
economies. Debunking popular misconceptions, Pettis shows that severe
trade imbalances spurred on the recent financial crisis were the result of
unfortunate policies that distorted the savings and consumption patterns
of certain nations. Pettis examines the reasons behind these destabilizing
policies, and he predicts severe economic dislocations, a lost decade for
China, the breaking of the Euro, and a receding of the U.S. dollar that
will have long-lasting effects. Pettis explains how China has maintained
massive but unsustainable investment growth by artificially lowering the
cost of capital. He discusses how Germany is endangering the Euro by
favoring its own development at the expense of its neighbors. And he looks
at how the U.S. dollars role as the worlds reserve currency burdens
Americas economy. Although various imbalances may seem unrelated, Pettis
shows that all of them -- including the U.S. consumption binge, surging
debt in Europe, Chinas investment orgy, Japans long stagnation, and the
commodity boom in Latin America are closely tied together, and that it
will be impossible to resolve any issue without forcing a resolution for
all. Demonstrating how economic policies can carry negative repercussions
the world over, The Great Rebalancing sheds urgent light on our globally
linked economic future. http://rogerdufur.blogspot.com

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