Hu Jintao Can Not Save the Global Economy

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This was my intuitive reaction after reading this Matthew Yglesias post: So without a recovery in the U.S. and global economy, there cannot be asustainable recovery of Chinese growth. And with the U.S, recoveryrequiring lower consumption, higher private savings and lower tradedeficits, a U.S. recovery requires China’s and other surplus countries'(Japan, Germany, etc.) growth to depend more on domestic demand andless on net exports. But domestic-demand growth is anemic in surpluscountries for cyclical and structural reasons. So a recovery of theglobal economy cannot occur without a rapid and orderly adjustment ofglobal current account imbalances. But I’m not Nouriel Roubini,so I […]

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