whether cost pressures resulting from soaring commodity prices can be offset with productivity gains and price increases, no sure thing. Banks are relaxing lending standards to businesses, and report a rise in consumer lending, suggesting that consumers are returning to the stores, if not in droves, at least in more normal numbers. Even the housing sector might, just might, be hitting bottom despite the continued drag on the market created by foreclosures sales of existing homes spurted in January. Taking all of this better news on board, economists are upgrading their forecasts. The Economist Intelligence Unit, for one, has raised its expectation of this year’s GDP growth from the 2.2 percent it anticipated only last month to 2.7 percent, despite our politicians’ failure “to address structural weaknesses in the US economy.” The bad is the visit by Hu Jintao to Washington, a visit to a president who was awarded the Noble Peace Prize by a president who has clapped another winner into jail. Despite the fact that President Obama had been treated to serial discourtesies when he visited China, Obama upgraded Hu’s visit from merely official to a state visit, complete with red carpets, military honors, and a state dinner. To some this was merely a turning of the other cheek, to others it was a signal to the Chinese regime that creditors crawl, and that Obama had forgotten that America is a big customer China cannot afford to antagonize. Worse still, the triumphant announcement of $45 billion in export deals conceals two key facts. First,sac burberry pas cher, the bulk of these deals had been agreed before Hu’s trip,lacoste femme, some as long ago as 2007. Second, many of these sales require U.S. companies to turn over their technology to the Chinese, who will soon duplicate it and dispense with their American suppliers, as they have done in the past. The public relations advantage to Hu of this announcement is clear -- it helps dissipate criticism of his regime’s currency manipulation -- but why Obama would dilute his message that the renminbi is undervalued by announcing these export sales is something of a mystery.Then there is the ugly -- the budget deficit, projected at more than (words fail me) $1,000,000,chaussures lacoste,000,000 for the fiscal year ending September 30. Federal Reserve Board chairman Ben Bernanke keeps printing dollars so that he can buy some of these IOUs for what was once called “hard cash,” and is increasingly called by its real name, “fiat money”.The visiting Chinese are aware of what Patrick Armstrong, fund manager at Distinction Asset Management, pointed out at a small private meeting in London foreigners now own 40 percent of all U.S. Treasuries. These foreign investors know that U.S. policymakers, their eyes on the next election, have an incentive to pay them off with dollars worth less than when the money was borrowed. That would, in effect, be a large wealth transfer from foreigners who don’t vote to Americans who do. And within America, from relatively few creditors to far more numerous taxpayers -- a gambit not unk Related articles:

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