Quote of the Day

Jagdish Bhagwati, professor at Columbia University and author of the book 'In Defense of Globalization', on the fear of the deficits with China, and calls for tariffs on Chinese goods:

The Chinese surplus is cited as the cause of the U.S. deficit. This is a non sequitur. If they were to revalue, and our excess spending through the budget deficit were to continue, our deficit would continue but be directed to other nations than China. China, and also India, are such large countries and rapidly growing economies that they inculcate unjustified fear.