Gabien (.com): Jack Lew, speaking at the Brookings Institution in July, confidently assured that Americans were immune from weakening markets in China.
“I will say that China’s markets still are pretty much separated from world markets,” the secretary of Treasury, said. “They’re, obviously, moving towards being more integrated, but right now they’re not.”
“So you’re not going to, I don’t think, see the direct linkage there,” Lew said.
Opinion: I posted this to show that the Secretary of the Treasury is either financially ignorant or he is trying to distract from the fact that China is putting the global economy in peril.
And Lew is getting a lot of help from the mainstream press and the Federal Reserve. None of our officials will admit that with the US having abandoned global leadership over the past 8 years, the world is a much more dangerous place and China’s actions prove the point.
But there is more: with oil prices making new 5 year lows today, we can expect our new friends, the Iranians, in conjunction with Vladimir Putin to figure a way to get the price of oil back to 100.
A war would do just fine.