Crosstown Traffic; China and the World Economy  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 399 no. 8735 (May 2011), page 75-76.
Topik: Economic Recovery; Economic Policy; Commodity Prices; Deficit Financing; Politics

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.66 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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For the past year or two, the big economies have experienced a "multi-speed" recovery, as the IMF calls it. But for the past month or two, this traffic has slowed in unison. The deceleration is evident in the prices of commodities, which have fallen by 8.6% since mid-February, according to The Economist's commodity-price index. It is also reflected in American manufacturing. New orders for durable goods, such as engines and cars, fell by 3.6% in April (albeit after a strong rise the month before). America's recovery relied for longer than most on fiscal injections. But by early August the federal government will bang up against a debt limit imposed by Congress. Any deal to raise the limit would almost certainly require spending reductions, and failure to strike a deal at all would require drastic cuts as the government stops selling debt. Even if the government is allowed to keep selling debt, the Federal Reserve will soon stop buying it, as it reaches the end of its latest round of "quantitative easing", a programme to buy longer-dated paper with freshly printed money.

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