US Financial Crisis: The Chinese Connection
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Code : ECC0012
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Region : US |
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Introduction: The US has wielded its power over the global economy with its political, economic andmilitary supremacy for several years. It became the centre of industrial activity accounting for about 50%of the global GDP afterWorldWar II. However, the subprime crisis in 2008 has exposed the inherent weaknesses of the US. It also highlighted the country's declining economic supremacy as its global GDP contribution fell to about 28% in 2008.4 Spending, both public and private, in the US was largely funded by the enormous amounts of foreign exchange reserves piled on by emerging countries, majorly China and Japan. In fact, China is one of the biggest holders of US reserves at $1.9 trillion, in terms of treasury bonds and dollar bills... |
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