Competitive Depreciation: Modern Economic Warfare
Today, China has too much savings. The U.S. has too little. In the long-run such savings imbalances cannot continue. As with all excesses, they come to an end.
December 17, 2025
Chinese renminbi bank notes are arranged for a photograph in Beijing, China, on Tuesday, Sept. 21, 2010. The yuan climbed to the strongest level since 1993 after U.S. President Barack Obama criticized China for not letting its currency strengthen. Photographer: Nelson Ching/Bloomberg
Nelson Ching/Bloomberg
