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Germany's Finance Minister, Wolfgang Schauble, in an intervew with magazine Der Spiegel, says the US Fed's action to purchase $800 billion of Treasury securities shows that US policymakers are at a loss about what to do. It doesn't add up, says Schauble, that the US with the help of the central bank's printing presses is artificially lowering the vale of the dollar, while at the same time accusing China of currency manipulation.
Germany's Finance Minister, Wolfgang Schauble, in an intervew with magazine Der Spiegel, says the US Fed's action to purchase $800 billion of Treasury securities shows that US policymakers are at a loss about what to do. It doesn't add up, says Schauble, that the US with the help of the central bank's printing presses is artificially lowering the vale of the dollar, while at the same time accusing China of currency manipulation.
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The Director General of the National Council of Applied Economic Research in India, Suman Bery, says that of all the countries in the G-20, India is least dependent on export led growth. This is why India gains from a reactivation of the American economy. This view was expressed by Prime Minister Manmohan Singh during President Obama's visit to India. Singh supported the Fed's move to purchase $600 billion in Treasury securities.
The Director General of the National Council of Applied Economic Research in India, Suman Bery, says that of all the countries in the G-20, India is least dependent on export led growth. This is why India gains from a reactivation of the American economy. This view was expressed by Prime Minister Manmohan Singh during President Obama's visit to India. Singh supported the Fed's move to purchase $600 billion in Treasury securities.
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Bernanke's respose to Meltzer's criticism of the Fed's $600 billion move to purchase Treasury securities. Meltzer points to the US being awash in liquidity, Bernanke to low 1% inflation.
Bernanke's respose to Meltzer's criticism of the Fed's $600 billion move to purchase Treasury securities. Meltzer points to the US being awash in liquidity, Bernanke to low 1% inflation.
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Why rebalancing the world economy will not be easy. Rebalancing depends on the success of American companies selling goods in China and Germany. China and Germany report large gains in exports through August 2010. The US trade deficit in 2010 is up 40% from 2009. One reason is that it involves changing behaviour of consumers. Another reason is each percentage point reduction in the annual savings rate in Germany and China would increase consumer spending by $42 billion. By comparison each percentage point increase in the annual savings rate for the US reduces spending by $100 billion, according to estimates by McKinsey Global Institute.
Why rebalancing the world economy will not be easy. Rebalancing depends on the success of American companies selling goods in China and Germany. China and Germany report large gains in exports through August 2010. The US trade deficit in 2010 is up 40% from 2009. One reason is that it involves changing behaviour of consumers. Another reason is each percentage point reduction in the annual savings rate in Germany and China would increase consumer spending by $42 billion. By comparison each percentage point increase in the annual savings rate for the US reduces spending by $100 billion, according to estimates by McKinsey Global Institute.
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