respectable Evangelical Christians have told me, not for quotation,
that millions of their co-religionists cannot and will not vote for
Romney for president solely because he is a member of the Church of
Jesus Christ of Latter-day Saints.” Robert Novak.Chicago Sun-Times.
I can see that. After all, the current born-again Christian in the White House has done such a great job.
A country that is growing at 12 per cent a year and where much of the
production takes place along a narrow coastal area, while most of the
potential domestic consumers are in faraway and still not easily
accessible regions, will inevitably have a large savings rate that will
be difficult to invest fully and immediately domestically. A current
account surplus will be inevitable.
If the country finds obstacles to investing this surplus abroad inreal
investments, it will have little choice but to accumulate foreign
exchange. Only a "very" large appreciation of the currency might reduce
this accumulation, mainly by reducing production. This explains Chinese
resistance to it.
part of the "grand bargain" that Morris Goldstein should propose
("Exchange rates, fair play and the 'grand bargain' ", April 21) is to
open wide the US and other economies to real Chinese investments in
natural resources and other sectors. This would help over the medium
run while the Chinese savings rate started falling. This development
would parallel what happened in previous periods when the US, the
Netherlands, oil-exporting and other countries ran large trade
surpluses and accumulated huge foreign assets, encountering few
obstacles to this accumulation. Norway has been doing it in recent
years. In time, the building of domestic infrastructures and other
domestic policies in China will better integrate the Chinese interior
into the Chinese economy, reducing the savings rate and the current
the meantime the US should put its house in order and open the country
to Chinese real investments, while the Chinese should accelerate the
appreciation of the renminbi. However, to expect that the International
Monetary Fund could be the enforcer of a "grand bargain" has the same
degree of realism as expecting a normal person to be responsible for
the good behaviour of a group of untamed lions.
only I'd restrict what US assets the Chinese can buy of course.
seriously, you're an idiot if you still believe this.
"I also want to let you
know that before you commit troops that you must do everything that you can to
solve the problem diplomatically, And I can look you
in the eye and tell you I feel I tried to solve the problem diplomatically to
the max and would have committed troops both in Afghanistan and Iraq, knowing what I know today." E&P.