From : FT.com
Photo : FT.com
In Fed We Trust: Ben Bernanke’s War on the Great PanicBy David WesselCrown Business .
$26.99, 336 pages
A few months ago Gao Xiqing, president of the powerful China Investment Corporation, quipped that when China looked at the United States nowadays it saw “socialism with American characteristics”. He was only half-joking.
In the space of the last year, the US government has taken over most of its domestic car industry, pumped hundreds of billions of dollars into its banking system, assumed the operations of huge tracts of the formerly private credit markets and entered into a new era of trillion-dollar fiscal deficits.
And all without even the hint of a blush. Even more noteworthy from a Chinese perspective, much of this unprecedented expansion in the US government’s role has been conceived and executed by an institution staffed by unelected officials that finds no mention in the US constitution.
In the space of the last year, the US government has taken over most of its domestic car industry, pumped hundreds of billions of dollars into its banking system, assumed the operations of huge tracts of the formerly private credit markets and entered into a new era of trillion-dollar fiscal deficits.
And all without even the hint of a blush. Even more noteworthy from a Chinese perspective, much of this unprecedented expansion in the US government’s role has been conceived and executed by an institution staffed by unelected officials that finds no mention in the US constitution.
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