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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.

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cover page of the book

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