Greenspan on the Chinese Currency...Playing with Fire and Hard Landing...
Nouriel Roubini
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Apr 22, 2005
David Altig ("unofficial" representative of the Fed in blogsphere) reports and comments today on Chairman Greenspan's and other US officials call for a rapid Chinese currency revaluation and concludes (flattering that my views would be given such prominence): "I guess they are not listening to Nouriel Roubini" He is referring to my recent blog where I argued that the US administration was playing with fire ("Biting the hand that feeds one is folly" in the even stronger Martin Wolf words) in asking for a Chinese revaluation without a corresponding parallel fiscal adjustment in the US, as such unilateral Chinese action may trigger a hard landing driven by much higher US interest rates. Register for RGE EconoMonitorsAccess to some RGE EconoMonitors, including Nouriel Roubini's Global EconoMonitor, is reserved for registered users, so sign up now to read and comment on current postings. These writings are only a small part of the insights and commentary available through RGE Monitor. Contact us today at info@rgemonitor.com or 212.645.0010 to learn more about becoming a full subscriber. |
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