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China Govt Economist: Like Fed, ECB Printing Way Out Of Crisis
A senior Chinese government economist warned Saturday that Europe seems to be following the U.S. in printing its way out of the current debt crisis, and that China could wind up as the biggest victim. Chinese Academy of Social Sciences professor Yu Yongding said he is concerned that Europe has “no resolution, no will or capacity” to implement austerity, and European countries will instead depreciate the euro to reduce their liabilities. The European Central Bank’s long-term refinancing operations (LTRO) suggest that it is taking a page from the Federal Reserve’s playbook and has abandoned its opposition to ... (full story)
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