editor’s choice from SamHenry
My theory holds: China has sway over our domestic and foreign policy. To what extent? It is unknown by the general public at this point. Certainly they are alarmed by the printing of money here and the specter of inflation. Here is an article from the FT. The complete article can be found at FT.com
Wheel of fortune turns as China outdoes west
By Martin Wolf
Published: September 13 2009 16:33 | Last updated: September 13 2009 16:33
China has emerged as the most significant winner from the global financial and economic crisis. At the end of 2008, many questioned whether China would achieve its growth target of 8 per cent in 2009. Who now dares to do so?
Cushioned by its more than $2,100bn (€1,440bn, £1,260bn) of foreign currency reserves, huge trade and current account surpluses and a robust fiscal position, Beijing has been able to deploy all its levers over the financial system and the economy.