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Michael Pettis
michaelxpettis
1/-I've re-read a brilliant 1939 speech by Marriner Eccle that has much to teach the next administration on how to emerge from many years of weak growth exacerbated by Covid-19.
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1/- Someone from the Brookings Institute says that because of Covid-19, he now expects the Chinese economy to overtake that of the US by 2028 rather than 2030. Leaving aside
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1/- This very good article cites Guo Shuqing, chairman of the CBIRC, as saying “The reform of small and medium-sized banks is key to improving the soundness and stability of
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1/ Good article on the relationship in China between jobs and exports. I would add that there is an internal contradiction within China’s new “dual circulation” model. China’s export “competitiveness",
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1) Great thread. Many economists and economic commentators have a very hard time understanding how systemic constraints work. They assume that the collective is nothing more than the sum of
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1) This is a pretty good article, but I disagree with this: “There is, however, a radical difference between this Cold War and the one that developed during the second
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This kind of economics is faith-based rather than logical. According to the Ayn Rand Institute, newly-created government money can only cause egg prices to rise: “Take eggs as the symbol.
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This is a good interview on trade with the always-intelligent @ProfSteveKeen. The problem with global trade isn’t trade itself. It is persistent trade imbalances, and most proponents of free trade
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In his CPPCC speech Xi Jinping said “For the future, we must treat domestic demand as the starting point”, which most analysts have interpreted to mean that China should depend
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"And policymakers – who have sought for years to wean the country off cheap exports and government spending in favour of domestic consumption – are welcoming the change."I am afraid
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I fully agree with @ben_rog – among other things a drop in real estate prices is a wealth transfer from the old to the young. When I moved to New
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This isn't a surprise. Globalization allows surplus countries to gain competitiveness by forcing down wages and exporting the resulting domestic demand deficiencies, and the accompanying savings excesses, to countries with
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