Roger Altman, CEO of Investment Banking in July - August issue of Foreign Affairs: He was Deputy Treasury Secretary under President Bill Clinton.
"The era of laissez-faire" economics is over, and statism is making a comeback even in the United States." I used "Political Economy" in my past blogs.
He wrote:"China, thanks to its financial system, which is insulated and not highly leveraged. China boasts an estimated $2.3 trillion hoard of foreign reserves - it is the wealthiest nation on earth by this measure." Thanks to the consumers in the world,China has accumulated such a large amount of foreign exchange reserves from international trade.
Page 025: "In China, a burst of Corporate Bonds." Folks in China have trust and confidence in the firms after reforms.
Page 026: $ 87 billion US imports from China for January through April vs. $20 billion in exports.
More Trade deficits: American consumers expect to be frugal and to buy Chinese products for good quality but less cost under the stressful time of global financial crisis.
Francis Shieh a.k.a. Xie Shihao, a graduate student from China in 1947 watching Sino-American economics in action from the 20th century to the 21st century.
Saturday,June 27, 2009 at 2 p.m.
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