P15.V53.I01
black
cyan
magenta
yellow
Page 6B
SUMMER 2012
The dollar and the dragon
By BRANDON TAYLOR
Aug. 23, 2011
The “good old days” of America’s endless borrowing are over,
or so say Chinese media reiterating the Communist Party’s
position following Standard &
Poor’s downgrade of America’s
AAA credit rating. No longer will
America be able to “just borrow
its way out of messes of its own
making,” said China’s state-run
news agency Xinhua and a slew of
other Chinese publications.
The ensuing dips in financial
markets around the world following the rating agency’s decision
only emboldened the Chinese
government to press America to
address its fiscal irresponsibility
and “addiction to debt,” according
to Xinhua.
America’s downgrade came as
no surprise. After a drawn out
back-and-forth of political theatrics, the plan that finally arose
did little to assuage investor