Washington Post, June 3, 2009 on page A15:
Geithner said China's leaders believe in the basic resilience and dynamism of the US economy. I agree in toto in every respect as a student of economics in China since 1943.
"What I sense is a fair amount of confidence, not just in the basic underlying strength and resilience of the US economy,its dynamism, but in our capacity not just to solve this crisis, get growth back on track, but to go back to living within our means." Geithner further added," I believe the Chinese expect the dollar to be the principal reserve currency for a long period of time, as do we." There is the common perception and reception of Sino-American Economics.
US dollar has been considered as an international currency in businesses up to the 21st century and beyond... Let us hope so from empirical evidence.
Plutocrat Tim could not sell his New York home for $1.6 million and was rented for $7,500 a month two weeks ago. Published on page C3 by the Washington Post,June 3, 2009.
Page A19: Harold Meyerson wrote:"In explaining China's rise and America's decline,historians may well note that capitalism-American capitalism, anyway - far from spreading democracy, actually has played a key role in transforming China into an economic superpower. The transfer of manufacturing from the United States to China - driven by the rise of mega-retailer such as Wal-Mart that have been able to endorce a regime of low wages all along their global supply chains - has diminished our middle class and expanded theirs." Such is known to all folks as evidence.
Hummer's Home: China, the New Land of Excess!? General motors will sell Hummer to heavy-equipment manufacturer in China, reportedly for less than $500 million,
well below its peak value. What is value anyway? Such definition is subject to individual volition of change and choice!
Page B5: Nobel Economist helped uncover problems with standard models:
Clive Granger, 2003 Nobel Prize for economics re his iconoclastic view about how his profession using figures to predict the future. Although he was considered a Keynesian that holds deficit spending by governments can be beneficial but he was willing to challenge orthodoxy as he looked for relationships among economic factors. The variable factors are up for grabs by economists in lighter thought.
Dr. Granger poked fun at himself when the Web site showed him sitting on a motorcycle with the caption:"Rebel Withouit a Causal Model."(sic)
I have sent my blogs in the past apropos of "A Posteriori" Versus "A Priori". Such Latin words to mean cause and effect would be the so-called Model in Economics?! Truth in economics is multi-dimensional as I cited Galbraith in my book review of "Almost Everyone's Guide in Economics" by John K. Galbraith,published by Atlantic Economic Journal,September 1979.www.Atlantic Economic Journal for reading pleasure.
Francis Shieh aka Xie Shihao,an octogenarian student to enjoy fun in economics for lifetime. June 3, 2009 at 10.26 a.m.
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