They do realize that China has Internet access, right? It sort of feels like we’re talking about them while they’re in the room.
Testimony submitted to U.S.China Economic & Security Review Commission hearing on
“US Debt to China: Implications and Repercussions”. Panel I: China’s Lending Activities
and the US Debt, Thursday, February 25, 2010, 9am.
Submitted by Simon Johnson, Ronald Kurtz Professor of Entrepreneurship, MIT Sloan School of Management; Senior Fellow, Peterson Institute for International Economics
“A major sovereign debt crisis is gathering steam in Europe, focused for now on the weaker countries in the eurozone, but with the potential to spillover also to the United Kingdom. These further financial market disruptions will not only slow the European economies – we estimate growth in the euro area will fall to around 0.5 percent Q4 on Q4 (the IMF puts this at 1.1 percent, but the January World Economic Outlook update was prepared before the Greek crisis broke in earnest) – it will also cause the euro to weaken and lower growth around the world.”
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