Den Monetære Terrorbalance

God og pædagogisk artikel om den handelsmæssige og monetære ubalance mellem USA og Kina. Kort version:

Besynderlig politik Kina fører. Markedsøkonomi er det i hvert fald ikke, og den kunstige monetære stabilitet de sigter efter (for at holde arbejdsløsheden nede) sørger kun for at skabe endnu større og dybere økonomiske ustabiliteter. Dertil, at man kan ikke køre et land som en eksportfabrik. Ikke længe.

Citat:

Lawrence Summers calls today’s arrangement “the balance of financial terror,” and says that it is flawed in the same way that the “mutually assured destruction” of the Cold War era was. That doctrine held that neither the United States nor the Soviet Union would dare use its nuclear weapons against the other, since it would be destroyed in return. With allowances for hyperbole, something similar applies to the dollar standoff. China can’t afford to stop feeding dollars to Americans, because China’s own dollar holdings would be devastated if it did. As long as that logic holds, the system works. As soon as it doesn’t, we have a big problem.

Det er værd at tænke på at EUs handelsunderskud overfor Kina vokser kolossalt.