Yesterday, NPR ran a segment about Europe turning to China to help fund its bailout package, contrasting Arvind Subramanian’s view — that this signals an important shift in the balance of economic power — with my own — that China’s piling up of foreign currency reserves is part of the problem, and that if China wanted to do Europe, and itself, a real favor, it would spend those reserves rather than lend them.
Three more banks have been permitted to import gold to China, as IBTimes notes, the country redoubles its efforts to attain pricing power of the commodity. The move, which brings the number of firms allowed to import gold into China... Read Post
Arvind Subramanian, the author of Eclipse: Living in the Shadow of China's Economic Dominance, may be the only respected economist who thinks China's GDP has already passed America. So what does this uber bull think of the hard land... Read Post
Hedge fund legend George Soros says bailing out countries alone won't solve Europe's sovereign debt crisis and, instead, the region's bailout fund needs to be used to support its banks. He believes that if Europe doesn't take contro... Read Post