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Average American Owes Average Chinese $4000
invictus
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25
1-11-2008 4:01 PM
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economy
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china
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united states
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/7830e3dd-dc2e-4157-a9bf-6978f66a8183/F9AB5F80-D0A8-431E-BCD4-EE72D33F7079/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://agonist.org/sean_paul_kelley/20080111/average_american_owes_average_chinese_4000" href="http://agonist.org/sean_paul_kelley/20080111/average_american_owes_average_chinese_4000" style="font-size: 11px;">agonist.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://agonist.org/sean_paul_kelley/20080111/average_american_owes_average_chinese_4000"><P><A href="http://www.theatlantic.com/doc/200801/fallows-chinese-dollars"><B>This</B></A> is really an astonishing number. From James Fallows' new essay, "The $1.4 Trillion Question:"</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://agonist.org/sean_paul_kelley/20080111/average_american_owes_average_chinese_4000"><BLOCKQUOTE><P>Through the quarter-century in which China has been opening to world trade, Chinese leaders have deliberately held down living standards for their own people and propped them up in the United States. This is the real meaning of the vast trade surplus—$1.4 trillion and counting, going up by about $1 billion per day—that the Chinese government has mostly parked in U.S. Treasury notes. In effect, every person in the (rich) United States has over the past 10 years or so borrowed about $4,000 from someone in the (poor) People’s Republic of China.</P></BLOCKQUOTE></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://agonist.org/sean_paul_kelley/20080111/average_american_owes_average_chinese_4000"><P>Based on<A href="http://www.china-embassy.org/eng/xw/t268200.htm"> 2006 per capita GDP numbers</A> that means we've sucked almost 23% <I>per year</I> from the average Chinese earner's income.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://agonist.org/sean_paul_kelley/20080111/average_american_owes_average_chinese_4000"><P>Can you imagine what you'd do if someone was borrowing 22% of your income a year and forcing you to endure a lower standard of living in the process? You'd be rather unhappy, no?</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/F9AB5F80-D0A8-431E-BCD4-EE72D33F7079/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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