{"id":10386,"date":"2008-12-28T02:37:48","date_gmt":"2008-12-28T02:37:48","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/chinese_savings_helped_inflate_american_bubble\/"},"modified":"2008-12-28T02:37:48","modified_gmt":"2008-12-28T02:37:48","slug":"chinese_savings_helped_inflate_american_bubble","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=10386","title":{"rendered":"Chinese Savings Helped Inflate American Bubble"},"content":{"rendered":"<p>In the past decade, China has invested upward of $1 trillion, mostly earnings from manufacturing exports, into American government bonds and government-backed mortgage debt. That has lowered interest rates and helped fuel a historic consumption binge and housing bubble in the United States.<\/p>\n<p>China, some economists say, lulled American consumers, and their leaders, into complacency about their spendthrift ways.<\/p>\n<p>\u201cThis was a blinking red light,\u201d\u009d said Kenneth S. Rogoff, a professor of economics at Harvard and a former chief economist at the International Monetary Fund. \u201cWe should have reacted to it.\u201d\u009d<\/p>\n<p><a href=\"http:\/\/www.nytimes.com\/2008\/12\/26\/world\/asia\/26addiction.html?em\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the past decade, China has invested upward of $1 trillion, mostly earnings from manufacturing exports, into American government bonds and government-backed mortgage debt. That has lowered interest rates and helped fuel a historic consumption binge and housing bubble in<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=10386\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,50,209,201,502,595,149,600],"tags":[],"class_list":["post-10386","post","type-post","status-publish","format-standard","hentry","category-economics-politics","category-international-news-commentary","category-americau-s-a","category-asia","category-china","category-credit-markets","category-economy","category-housingreal-estate-market"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/10386","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10386"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/10386\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}