China’s leaders are “bizarrely unwilling” to use more government spending to support consumer demand instead of production, according to Nobel laureate in economics Paul Krugman.
“The fact that we seem to have a complete lack of realism on the part of the Chinese is a threat to all of us,”
Krugman echoed criticism by U.S. economic officials including Treasury Secretary Janet Yellen that China can’t simply export its way out of trouble. The comments come amid renewed concern in the U.S. and Europe over what is viewed as Chinese overproduction and the dumping of heavily subsidized products overseas
China’s whole economic model is not sustainable because of “vastly inadequate” domestic spending and a lack of investment opportunities, he added. Beijing should be supporting demand not more production, he said.
My crap-it-all-ist in Christ, you all made our current situation off WalMart and Amazon gutting middle America and domestic production with mass imports of undercutting the nation by flooding it with Chinese goods. You made the richest bastards in the world doing this with companies that make "zero profit" and subsidized them for doing so.