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
- A New Target for Old Spies: Congress
- Antigua and Barbuda Asks Harvard University for Slavery Reparations
- Historian: Nixon DID contest the 1960 election
- Killer took selfie after stabbing historian over rare ‘Wind in the Willows’ book
- VW fires corporate historian who drew attention to wartime ties to Nazis
- British historian Sheila Lecoeur is on trial for defamation
- Jim Downs laments that Americans still aren’t being taught LGBT history
- Historian Jeremy Kuzmarov calls on Obama to pardon Ethel Rosenberg
- Garry Wills says there’s one human test we can use to decide who’s the better candidate: Trump or Clinton
- Get to Know the Semifinalists for the National Book Award