| | Ben Bernanke and the Qianlong Emperor | TPMCafe (Site not responding. Last check: 2007-10-21) |
 | | Bernanke declined to admit the existence of the terrifying fiscal deficit, the near absence of savings in the United States, the waste of two trillion dollars in Iraq, the crumbling American infrastructure, the growing income inequality in the United States. |
 | | Bernanke then told the Chinese that the "single most important cause of the ongoing expansion in productivity" in China since 1978 was "a greater reliance on markets." In fact China has a huge state-owned sector and its single party interferes in markets more than any other large country's government in the world. |
 | | Bernanke suggested the Chinese should give "greater autonomy to the central bank" in order to insulate it from "short-term political concerns." It's hard to imagine a big country where politics is less short-term than in China, and of course the one-party state and imperial tradition combine to produce that attitude. |
| www.tpmcafe.com /blog/coffeehouse/2006/dec/19/ben_bernanke_and_the_qianlong_emperor (2850 words) |