Bankers and economists in Beijing are saying that the Washington Consensus is dead. U.S. Treasury Secretary Timothy Geithner awoke to this during his recent China trip. Addressing a Peking University student audience he declared, “In the United States, we are putting in place the foundations for restoring fiscal sustainability.” When he said that China’s assets were “very safe in Washington,” students laughed.
PacNet #65 – China thinks the Washington Consensus is dead!
September 29, 2009