US beats Great Depression.China’s Economy Overtake America’s?
US house price fall ‘beats Great Depression slide‘“We’re on the verge of a great, great depression.” The ailing US housing market passed a grim milestone in the first quarter of this year, posting a further deterioration that means the fall in house prices is now greater than that suffered during the Great Depression.(stephen foley)
China Has Divested 97 Percent of Its Holdings in U.S. Treasury Bills. China has dropped 97 percent
of its holdings in U.S. Treasury bills, decreasing its ownership of the short-term U.S. government securities from a peak of $210.4 billion in May 2009 to $5.69 billion in March 2011, the most recent month reported by the U.S. Treasury.(presstv)
Debt fight continues despite Wall St. warning.Facing a dire warning from a credit rating agency, the Obama administration lobbied some of Congress’ most conservative members Thursday for an increase in the nation’s debt limit. Republicans responded that the surest way to reassure financial markets was to enact deep deficit cuts.(WASHINGTON)
When Will China’s Economy Overtake America’s?China would surpass the US in a
relatively short period of time. The International Monetary Fund recently predicted that the size of China’s economy would overtake that of the US in terms of purchasing power parity (PPP) by 2016.But a recent co-authored study by Robert Feenstra, an economist at the University of California, Davis, shows that global economic leadership would pass to China in 2014. And, even more radically, Arvind Subramanian of the Peterson Institute of International Economics argues that China actually surpassed the US in PPP terms in 2010.(Yao Yang)