The time of the reckoning is here, NYT says
(NEWSER) - The financial crisis is, in part, a result of the uncomfortably tight economic embrace between the US and China, New York Times reports. China has long fostered an unsustainable credit cycle by keeping its currency artificially cheap and lending massive sums to the US. “Nobody wanted to get off this drug,” explains Senator Lindsey Graham. “Their drug was an endless line of customers for made-in-China products. Our drug was the Chinese products and cash.” More»
