Website review: Asia Times Online :: Asian news and...
laodan discovered this in Economics
•1 reviews since Sep 4, 2007
globalization
•atimes.com/atimes/Global_Economy/II05Dj01.htm...
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laodan discovered 11 months ago- Western grasshoppers and Chinese ants in AsiaTimes by Spengler
A major theme is missing from the central bankers' annual retreat at Jackson Hole, Wyoming. Everyone is talking about collapse of the US home-price bubble and the danger of recession, but no one is talking about the suckers who financed the bubble, namely the savers of Asia. Asia will do so no longer. If the United States wants Asian investors to continue to take risk on its shores, it will have to allow them to buy solid US companies, rather than the sort of debt derivatives that blew up this summer. Western grasshoppers and Chinese ants In the quote here above Spengler summarizes rather well the hard economic reality facing the West. Savings are absent from the West nowadays. But savings are the substance of newly added capital. So if the West wants more capital to invest within the confines of its geographic borders it will have to allow Asian savings financing the purchase of Western productive assets which means taking over Western capital (generated in earlier phases). Wow! This is Spengler at his best; lucid and realist.
- Western grasshoppers and Chinese ants in AsiaTimes by Spengler
