Open uri20180803 4 11szzju?1533309839

Michael Pettis

Professor of finance · wikipedia

Educated at:

Columbia University



Tariffs disagreed by Michael Pettis · 03 Aug 2018
Put differently, surpluses don’t arise because surplus countries can produce goods more productively or efficiently. They arise from the need to export domestic savings caused by the low household income share of GDP. Because surplus countries direct their excess savings mainly to the US, the only economy deep, flexible and open enough to absorb them, it is the US that must inevitably run capital ... See More source
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