Word: debt
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...words should be music to the world's ears. As debt-laden consumers in the U.S. retrench, increasingly wealthy Chinese consumers could become one of the most important sources of growth for the global economy. Shoppers in China are opening their newly stuffed wallets wider than ever. Passenger car sales surged 76% in October from a year earlier, while overall retail sales jumped 16.2%. Such spending has contributed to China's robust recovery from the global economic crisis. Gross domestic product grew a hefty 8.9% in the third quarter from a year earlier. (See TIME's photoessay "The Making...
...imbalances that contributed to the current crisis if the world economy is to find renewed, and healthier, growth. China saves too much and spends too little, leading to giant surpluses and hard currency reserves, while the U.S. saves too little and spends too much, creating giant deficits and debt. Unless China can transform its citizens from savers to spenders, the reform of the entire world economic system could suffer. "I don't see any evidence" that China's economy is rebalancing, MIT's Huang says. "Its always difficult to get consumption to grow in a limited period of time." Greater...
...Several Asian nations, most particularly South Korea, have waited anxiously for word that Obama intends to prioritize finalizing a new free trade agreement, something the White House has begun to signal this week. China, meanwhile, has expressed growing concern about the U.S. trade policy and the spiraling U.S. national debt, which endangers the value of China's vast investment in U.S. currency...
...Jintao and the rest of the Chinese leadership aren't inclined to lecture visiting Presidents, he might gently hint that Beijing is getting a little nervous about the value of the dollar - which has fallen 15% since March, in large part because of increasing fears that America's debt load is becoming unmanageable. (See TIME's special report "Obama After a Year: What's Changed, and What Hasn...
...problem with this kind of statistical fetishism is not the craven dishonesty. Lieberman does not care a whit about the national debt, of course, but political disingenuousness is too common to provoke real outrage. The danger lies in the systemic politeness that allows it to fester. Politicians who embrace this amoralism deserve rebuke from their leaders, not the nonchalance with which the Democratic leadership met Lieberman’s actions. And those like Grayson who challenge it deserve better than to hear their moral seriousness condemned as madness...