Will America’s Pain be China’s Gain?
Wall Street’s wipeout should be the final push China needs to get out of the business of financing American debt. If so, China may start using its huge surplus of foreign-exchange reserves – the largest in the world, at $1.8 trillion – to boost domestic spending.
https://prosyn.org/wFFlxMI
NEW YORK– In their efforts to pass a bailout plan for America’s financial system, Bush administration officials invoked the specter of the Great Depression of the 1930’s. But, for most Asians, economic Armageddon is far more recent.