男女羞羞视频在线观看,国产精品黄色免费,麻豆91在线视频,美女被羞羞免费软件下载,国产的一级片,亚洲熟色妇,天天操夜夜摸,一区二区三区在线电影

Op-Ed Contributors

West moving toward deeper financial abyss

By Lau Nai-keung (China Daily)
Updated: 2010-06-01 07:48
Large Medium Small

Let us take a look at the US. Its government and agencies have by far the largest stock of interest-bearing debts of $15.6 trillion, and the greatest indebtedness to the rest of the world at $4.8 trillion. The US blames the over-saving in emerging economies, especially China, and their under-valued currencies, for this predicament. And the solution is to pressure China into revaluating the yuan, a position echoed by the EU.

If the US economy is still in negative saving, which is inevitable with its trillion-dollar fiscal deficit, the large part of the shortfall still has to be made up by multilateral trade deficit. Granted that a revaluated yuan will reduce its deficit with China, but this has to be compensated by deficits with other countries.

Apart from hurting China's growth, revaluation of the yuan is not the way out of the woods for Western economies.

There are inevitable ramifications for this borrowing-money, borrowing-time policy because the production of debt cannot forever replace the production of goods and savings, and no country can borrow its way to prosperity. Higher bond yield means higher interest for mortgage and car loans, which apart from delaying recovery, will also mean a devaluation of the existing stock of bonds and houses, making the life of many governments and individuals even more difficult.

Yes, governments can and will default their debts, and more are expected to default in the next one or two years. And should the US and the EU bond market collapse, they and their economic troubles will be too big for other countries to save them.

The Western economies, having spent well beyond their means for years, should spend less for some time to pay off the debts, and should take this opportunity to change their lifestyle and consumption habits drastically. Their governments should punish the financial fat cats and protect the small guys from desperation. It now seems that more Americans and Europeans will learn from the examples of financial fat cats and the demonstrating Greeks.

Quantitative easing has produced two decades of sluggish economy in Japan despite the robust external environment. External conditions are not that favorable now, and the whole situation should be worse. Factoring in moral hazard as well as social injustice, that implies political and social turmoil. The US and EU are destined to head south, at least for a while. Some pundits are talking about a double-dip this year, and in the longer run, we can expect many more dips.

The author is a member of the Hong Kong Special Administrative Region Basic Law Committee of the National People's Congress Standing Committee.

(China Daily 06/01/2010 page9)

   Previous Page 1 2 Next Page  

主站蜘蛛池模板: 句容市| 都昌县| 郯城县| 台江县| 宿迁市| 临泉县| 洛宁县| 微博| 贡嘎县| 安义县| 南汇区| 沙河市| 兰州市| 娱乐| 大悟县| 大石桥市| 武宣县| 来宾市| 鄂尔多斯市| 射阳县| 当阳市| 富源县| 富顺县| 高清| 泰安市| 祁连县| 玉山县| 青冈县| 淅川县| 庐江县| 大埔县| 邹城市| 江川县| 道真| 云梦县| 拜泉县| 赣榆县| 盐山县| 定州市| 崇阳县| 西平县| 岱山县| 中西区| 石林| 攀枝花市| 文安县| 星子县| 靖江市| 喀什市| 萍乡市| 科尔| 江都市| 湖州市| 佛坪县| 延安市| 和顺县| 怀来县| 罗定市| 富锦市| 东山县| 泽州县| 江口县| 兴城市| 新津县| 滨海县| 囊谦县| 育儿| 丹巴县| 榆中县| 徐水县| 北流市| 中宁县| 岳池县| 锡林郭勒盟| 宿松县| 丰原市| 永兴县| 土默特右旗| 旅游| 宝山区| 邳州市| 安化县|