2009 m. lapkričio 6 d., penktadienis

Dienos citata: dėl kapitalizmo krizės kalti komunistai

"It can be seen how China’s One Child policy impacted the U.S. housing crisis. The relationship is as follows: The One Child policy, coupled with Chinese cultural preferences, produced shrinking families with a significant imbalance of male children. As time passed, increased competition for wives drove family savings rates upwards. Relative wealth increases a son’s attractiveness and hence, a son’s chance of finding a wife. The Chinese government, always alert to causes of civil unrest, knows it needs to keep the estimated 35 million unmarried young men occupied. This drives a full-employment policy focused on exports and keeps the Yuan12 artificially low compared with the U.S. dollar. The high savings rate lowers domestic consumption, leading to the same result – a manufacturing sector concentrated on exports and cheaper Chinese goods.

The low Yuan, full production employment, and a high domestic savings rate (and low domestic spending rate) result in a significant trade surplus for the country – and a high trade deficit for the U.S. High savings rates and a strong inflow of dollars drive the Chinese hunger for AAA-rated debt, the principal issuer of which is the United States. This high demand has kept U.S. interest rates low – helping to trigger the housing price bubble of the mid-2000s – and to absorb current deficits. "

David Justin Ross
Radiant Asset Management, LLC

3 komentarai:

  1. Tikrai, labai negražu. Visi žino, kad Rytai už Vakarus dvasingesni, ir taupo daugiau.

  2. Kodėl juoką? Dėl pirmos pastraipos galima ginčytis, bet kalbant apie trade imbalance- juk būtent taip ir buvo?