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August 17 A Trade Deficit with a BabysitterQuote from Mankiw's Blog, captures all essense of the so called US-China trade relation in my op.:
Noting the babysitter is Sally: If politicians were in charge of Family Harford trade policy they would bully Sally to raise her hourly rates, so that trade would take place on a “fairer” basis. The politicians in charge of Sally’s trade policy would refuse.
Boggled already? You should be. But this matches perfectly the state of US-China trade relations: China keeps selling cheap stuff to the US, the US isn’t selling so much to China (but plenty to other parts of the world). The Americans are demanding that the Chinese charge more, and the Chinese are refusing." Ridiculous summer farce...but understandable, for one thing, there must be something to be farced about and this time it is the tained chinese goods ; for another, it is politics. TrackbacksThe trackback URL for this entry is: http://sarvanama.spaces.live.com/blog/cns!F839F26168504855!422.trak Weblogs that reference this entry
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