Chimerica

2008 · Book · Niall Ferguson, Joanna Potts

"How did the American credit market become so entwined with-and dependent on-Chinese lending? This program examines the rise and potential decline of "Chimerica, " the financial marriage between two of the world's biggest economic powers. Historian Niall Ferguson shows how the Chinese "savings glut" led to excessively easy American borrowing and prompted the subprime mortgage crisis of 2007. Going inside trading centers in Hong Kong and Chongqing, China, as well as the International Monetary Fund and World Bank, Ferguson explains why once-risky markets in Asia, Latin America, and eastern Europe have become better investments than the U.K. or U.S. stock market."--Container. by Niall Ferguson, Joanna Potts