03 - John Cochrane on Finance, the Fiscal Theory of the Price Level, and Blogging
Macro Musings with David Beckworth
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The Importance of Investing in a Factory in China
People in emerging markets want to get their money out of China. And they want to put it somewhere that's safe, and the US is financed by years of GDP deficits for poor Chinese people who should be investing in China. But large global flows, lots of people saving, and then hopefully later being able to buy stuff. This is not a terrible economic problem. This is the economy working the way it's supposed to.
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