Niall Ferguson: Debt Debate: China's ViewRoundup: Historians' Take
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
- Letters collection offers unique glimpse into ordeal of Australian aborigines
- War, More Than ISIS, Is Destroying Syria's Ancient Sites
- Pew Poll: Trust in government is at historic lows
- If "The Donald" Said It Happened, It Happened! And Don't You Forget It!
- Solved: the mystery of Britain’s Bronze Age mummies
- Anne Frank Faced Challenges Similar to Syrian Refugees, Richard Breitman Says
- Douglass North, Nobel Prize-winning economics historian, dies at 95
- Craig Shirley says Ted Cruz is right and the Huffington Post wrong about Ronald Reagan’s 1980 Presidential Campaign
- Mystery at Notre Dame: A priest-historian has been forced to back off a project promoting authentic Catholic education
- William & Mary launching a gay history project