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Monday, June 27, 2011

Subsidizing the Rich

As I am writing this, announcements are being made on account of Prime Minister Wen Jiabao's visit in Europe that the People's Republic of China will provide a series of financial instruments to help save the ailing Euro. In other words, the world's largest society (approximately 20% of the world's population) will subsidize a European economic entity whose per capita GDP is at least 4 times greater than that of China. (This of course after a more-than-a-decade-long record of subsidizing the US economy through bond purchases.)

Plus ca change.

cover page of the book

cover page of the book
image used for the cover design by Anannya Dasgupta