Name of the Game Is Interdependence
Bharat Wariavwalla is an Honorary Fellow at the Centre for the Study of Developing Societies, Delhi. read more
Volume:34
Issue:4
Debate
Lawrence Summers, United States President Barack Obama’s chief economic advisor and formerly secretary of treasury in the second term of the Clinton administration, once said that there was a ‘balance of financial terror’ between the US and its financial creditors, primarily China and Japan. Today, China, holding some $800 billion in US treasury bonds and some $2 trillion worth of currency reserves wields financial terror against the US.
