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Saturday, April 04, 2009

The Dollar from China: Quicksand

Back in the early stages of the financial crisis, wags joked that our trade with China had turned out to be fair and balanced after all: They sold us poison toys and tainted seafood; we sold them fraudulent securities.
...
China now owns so many dollars that it can’t sell them off without driving the dollar down and triggering the very capital loss its leaders fear.

Krugman in the Times

That's the metaphor for this speed bump in the global economy. A tiger by the tail. One of Krugman's best.

// posted by Ellen @  06:42   //Permalink// 
Ellen says hey
Mainer, New Yawka, Beijinger, Californian, points between. News, views and ballyhoos that piqued my interest and caused me to sigh, cry, chuckle, groan or throw something.


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