Philip Coggan “Paper Promises”
February 17th, 2012
The west’s borrowing-and-spending spree is over. After four decades of splurging, it’s clear that we aren’t going to be able to pay everything back.
In his new book “Paper Promises,” Economist columnist Philip Coggan shows us what the coming new economic system could look like. We don’t know exactly what’s going to happen, he concedes. But one thing we do know. China, as the world’s biggest creditor, will be calling the shots, much as the U.S. did in the twentieth century and Britain in the nineteenth.
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