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Michael Pettis
michaelxpettis
1/5I was just re-reading Jagdish Bhagwati’s 1998 article "The Capital Myth: The Difference Between Trade in Widgets and Dollars" on why free capital flows are not a corollary of free
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1/- China has experienced a very lop-sided economic recovery driven in part by rising income inequality – especially obvious from the surge since May and June in luxury spending, even
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1/- I think the person who wrote this is very confused about what makes NYC great. I moved to the city in the late 1970s, when NYC was supposed to
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1) People’s Daily is reminding everyone of Xi Jinping’s very important speech last week, in which called for “giving full play to the advantage of a huge domestic market, so
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1) I think this very interesting piece in the Economist makes one important error. It says: “Some argued that structurally weak economic growth and the maldistribution of the spoils 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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1) According to a global strategist at Rabobank, “Past an unknown critical threshold, [using monetary policy to deal with public deficit] could see the collapse of US dollar currency hegemony
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Xi Jinping asked yesterday at this important conference for business leaders that China "fully leverage the strength of the nation's huge domestic market in the face of rising protectionism, a
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While we tend to look at these issues as the consequence of micro-level decision-making, it is important to understand the macro constraints that drive the process. If Covid-19 has caused
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The fact that Zhou Li, a former deputy director of Beijing’s International Liaison Department, is complaining about the “unprecedented” coronavirus stimulus in the United States shows just how confused many
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If much or most of the external debt of developing countries could be converted into instruments whose payments were linked to GDP, local currency, local stock markets, the prices of
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As always China is trying to boost consumption with supply-side policies rather than with income support or other demand-side policies, in this case, by having Shanghai mandate increases in shopping
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