Word: problem
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...only marginal overheating," he says. That's very different from the situation in 2000, when massive overinvestment in technology around the world created the Internet bubble. When that popped, it sent global financial markets and economies into a tailspin. Today, though, Cotis sees the issue as "an idiosyncratic problem in the U.S. spilling over only moderately to the rest of the world." But he adds: "We need to watch what happens very carefully...
...rest of a high-powered American delegation, including Federal Reserve Board Chairman Ben Bernanke, had to suffer through a condescending lecture, replete with PowerPoint presentation, from China's Vice Premier Wu Yi. One of the country's top bureaucrats and a woman with a vaunted reputation as a problem solver, Wu enlightened the Americans with a lesson on the 5,000-year history of China. Her essential point: those who criticized China's economic policy did so out of ignorance. "We have had the genuine feeling," said Wu, "that some American friends not only have limited knowledge of, but harbor...
...Chinese to pick up the pace, because it's in their own interest to do so. Unless they continue to push reform throughout the economy-especially in a financial sector dominated by bloated state-owned banks that lend lavishly to uncompetitive state enterprises-the cost of dealing with the problem later will balloon. (And the argument is fair enough: it's a lesson the Japanese learned in the 1990s when Tokyo dragged its feet on banking reform...
...problem with excessive monetary and debt growth is that it always leads to inflation in one sector of the economy or another. In the 1960s we had wage inflation, in the 1970s consumer price inflation, and now we are in the throes of breakneck asset inflation. But every type of inflation eventually ends. And when assets deflate, economic activity will suffer. Business slows, lenders call in their debts, companies go bankrupt-all of which is bad news for stocks, especially those that are priced as if risk no longer existed. Economic history is littered with periods of asset inflation that...
...their two families together so they can arrange a hybrid of a love marriage and an arranged one by getting the mutual consent of both sets of parents. "Youngsters just want to show their feelings," says Singh. "And if people don't like that then that's their problem...