IHT_Op-Ed_Contributor_The_Problem_is_not_China - I.H.T...

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March 20, 2010 I.H.T. OP-ED CONTRIBUTOR By SHIU SIN POR The Americans are desperate, and with good reason. They have successfully stabilized the U.S. economy after the financial crisis, but the problem is far from over. Despite a moderate recovery, the lack of job creation is serious. Many U.S. leaders rightly see jobs as the key to their country’s recovery and avoiding a second dip. The lack of a solution is fast becoming a political one as the November elections approach. Recent calls to get tough with China are gaining momentum in various quarters. The charge that China is the cause of the U.S.-led financial crisis in the West looks ridiculous in the East. But with respectable commentators championing it, we should at least give it a proper response. The logic goes like this: China is the cause of America’s cheap money, and cheap money is the cause of the crisis. This is like saying a kid is corrupt because he has a rich father who makes his wild spending possible; to cure the kid’s problem, you have to rein in the father. But even this is not a very good parallel. The kid is spending his father’s money; the United States borrowed
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This note was uploaded on 09/03/2011 for the course ECONS 101 taught by Professor Hendrik during the Spring '11 term at National University of Singapore.

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IHT_Op-Ed_Contributor_The_Problem_is_not_China - I.H.T...

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