Bulls in the china shop

That’s a very adequate metaphor for U.S. policy towards China, as described in the previous post. Apropos, here is Brad Setser’s take on this issue, a must read that lays out well the sheer complexity of China’s currency dilemma.

If you feel like you need to grasp the big picture, don’t miss Bill Gross’s (PIMCO's Grand Master of Bonds) very accessible description of the main issues facing the U.S. and the global economy.