Friday, May 29, 2009

Not Content With Ruining the Western and Japanese Economies, the U. S. is Working on Ruining China's as Well

From the WSJ, U.S. to Urge China To Shop, Not Save:

The (Chinese) government has compelled state-run banks to unleash a flood of credit, lending more in the first four months of this year than in all of 2008. And officials have announced a series of subsidies and other measures to encourage rural dwellers to splurge on such items as small-engine cars, home appliances and electronics.

The article makes clear that Treasury Sec'y Geithner, who visits China this weekend, is going to urge China to be more like us and borrow and spend more while saving less.

Because we've done so well having unleashed a flood of credit upon ourselves and splurging on stuff.

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