标题: Bernanke Takes Aim at China [打印本页] 作者: choi 时间: 11-19-2010 13:23 标题: Bernanke Takes Aim at China 本文通过一路BBS站telnet客户端发布
(1) Jon Hilsenrath, Bernanke Takes Aim at China. Wall Street Journal, Nov. 19, 2010.
http://online.wsj.com/article/SB10001424052748703374304575623144102357582.html?mod=WSJ_newsreel_world
My comment: New York Times today has a report, also based on the prepared text, that says a chart attached to the text shows Taiwan and other nations curb currency flow (so called hot money). Taiwan denies wrongdoing. However, I have long thought Taiwan is guilty as charged. Though not as blatant as China, various administrations of Taiwan since 1997 have manipulated foreign exchange rates and set up barriers to keep Taiwan dollars low. At present Taiwan is similarly facing inflationary pressure, yet not as bad as China (which due to emphasis on heavy industry has to use, import lots of energy and metal ores).
-------------------------Separately
(1) Andrew Peaple, Inflated Risks to Economy in China. Wall Street Journal, Nov. 19, 2010.
http://online.wsj.com/article/SB10001424052748704104104575621872444980784.html
Quote:
"In 2008, high food inflation was mostly a result of supply bottlenecks.
"This time, as analysts at GaveKal Dragonomics argue, inflation is arising from China's previously expansionary monetary policy and rising wages. 'Rising food prices are an expression of inflationary pressure rather than its cause,' they said.
(3) Paul Krugman, Axis of Depression; China and the GOP, Sitting in a Tree. New York Times, Nov. 19, 2010.
http://www.nytimes.com/2010/11/19/opinion/19krugman.html?_r=1&scp=1&sq=krugman%20depression&st=cse
Paragraph 2:
"It’s not as if the Fed is doing anything radical. It’s true that the Fed normally conducts monetary policy by buying short-term U.S. government debt, whereas now, under the unhelpful name of “quantitative easing,” it’s buying longer-term debt. (Buying more short-term debt is pointless because the interest rate on that debt is near zero.) But Ben Bernanke, the Fed chairman, had it right when he protested that this is “just monetary policy.” The Fed is trying to reduce interest rates, as it always does when unemployment is high and inflation is low.
My comment: There is no need to read the rest.
(4) Justin Lahart and Mark Whitehouse, Few Businesses Sprout, With Even Fewer Jobs. Wall Street Journal, Nov. 19, 2010.
http://online.wsj.com/article/SB10001424052748704648604575621061892216250.html
My comment:
(a) If you do not comprehend what the title is about, another title, in the inner pages as the report is split into two in the print edition says it clearly: "Fewer New Businesses Mean Fewer Jobs."
(b) Read only about Mr. Derek Smith. That means
(i) the photo caption;
(ii) the graphic;
(iii) paragraphs 7 to 9;
(iv) and the last three paragraphs.
(c) Small businesses are the engine of job creations. China does not understand this, and that is the root of its chronic un- or under-employment.