Niall Ferguson: Debt Debate: China's View
Niall Ferguson is a professor of history at Harvard University and a professor of business administration at Harvard Business School. He is also a senior research fellow at Jesus College, Oxford University, and a senior fellow at the Hoover Institution, Stanford University. His latest book, The Ascent of Money: A Financial History of the World, was published in November.
Xian, China—viewed from inside the Beltway, the passage of legislation to raise the federal debt ceiling was a triumph for democracy....
Viewed from Beijing, it looked very different. Indeed, it’s hard to imagine what more we could have done to vindicate the Chinese Communist Party’s position that Western democracy is a form of institutionalized chaos to be avoided by all sane Asians....
The antics of American legislators take on a new significance when you realize how our leading creditor interprets them. As Beijing sees it, the last three months have furnished ample evidence that—regardless of what the American rating agencies may say—the United States is no longer creditworthy. Even if Congress has pulled back from the brink of outright default, many in China view the debt deal as at best a temporary fix. As the Xinhua News Agency put it, the 11th-hour deal has “failed to defuse Washington’s debt bomb for good, only delaying an immediate detonation by making the fuse an inch longer.” Meanwhile, the unspoken intention of the Federal Reserve is to debase the dollar through “quantitative easing,” which translates into Mandarin as “printing money.” (It’s no accident that one of the bestselling economics books in China is called Currency Wars.)...
comments powered by Disqus
- How the Martin Luther King estate controls the national hero’s image
- Benjamin Franklin's life inspired me, says Prime Minister Narendra Modi
- PTSD Found In Ancient Warriors
- 150 Years Later: Columbia, South Carolina wants the world to remember it also burned down in the Civil War
- ‘Bite-sized’ history textbooks used in the UK accused of ‘dumbing down’ the subject: should we be worried?
- West Point historian says if his cadets can understand the history of war, so can Congress
- Australian historian Alan Atkinson wins $100,000 literary prize
- From his perch in Saudi Arabia, Princeton’s Mark Cohen says Jews and Muslims should remember they used to get along
- Duke honors historian John Hope Franklin with year-long series of events
- What New Left History Gave Us