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Obama to China: Don't Worry, Be Happy

 

Published 3/14/2009 by karim.bardeesy at The Big Money

Has U.S. overconsumption gone too far? We've already seen the effects in the domestic stock markets, and it might be starting to manifest itself in the international money markets too. The New York Times ' cover follows an early morning story from Friday with more details about Chinese Premier Wen Jiabao's concerns with U.S. consumption and debt levels . "To be honest, I am definitely a little worried," Wen said in a news conference at the end of the Chinese parliament's annual session. It was the highest level warning yet from the Chinese government, and the Wall Street Journal writes that "the premier's comments were unusually pointed and raised the possibility that Beijing's appetite for U.S. debt could wane ... In the worst-case scenario, a significant new aversion to U.S. investments could drive down the dollar and drive up interest rates, worsening the U.S. recession." The Washington Post finds Eswar Prasad of the Brookings Institution to interpret the remarks. "These comments are ... (link)

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