China To Blame For Banking Crisis
IT’S what Anorak’s been saying. China is the big elephant in the dealing room. Sebastian Mallaby:
The real roots of the crisis lie in a flawed response to China. Starting in the 1990s, the flood of cheap products from China kept global inflation low, allowing central banks to operate relatively loose monetary policies. But the flip side of China’s export surplus was that China had a capital surplus, too. Chinese savings sloshed into asset markets ’round the world, driving up the price of everything from Florida condos to Latin American stocks.
Banker Aide: Britain Invests In Keeping China Sweet
Posted: 8th, October 2008 | In: Money, Twitterings Comments (2) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink
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October 9th, 2008 at 4:32 pm
And who borrowed the money and who purshased the chinnese goods?
Is China to blame because they are hadeling their finances right and we don’t?
This was our fault if there was ever one.
October 8th, 2008 at 10:41 pm
I always like genuine lunatics to give their input in troubled times, but Sebastian Mallaby doesn’t really count.
Sadly, he doesn’t do numbers; he’s more of a big picture guy. Even more sadly, the clowns who created this clusterf*ck were also big picture guys, though at least they will be happy to have somebody, however innumerate, telling the world that it wasn’t their fault.
But the Chinese are certainly short, so they can stand proudly alongside the gnomes of Zurich as the architects of our present misery…