Bloomberg (March 30)
“In order to steer China off its current trajectory, leaders are going to have to tolerate a bigger hit to GDP. They must also quickly build a transfer mechanism to allow banks, state-run enterprises and entire municipalities to dispose of bad loans.” China’s total debt to GDP ratio “now exceeds America’s 269 percent and Germany’s 258 percent. Even more worrying: If the credit buildup continues at its current pace, that ratio will explode to 400 percent by 2018.”
The Financial Times (January 20, 2014)
“At a time when US federal government is largely paralysed, it is in the states–and particularly the cities–where America’s future is being played out.” City leaders are innovating to solve problems they can no longer rely on Washington to solve. This is hardly new. “The abiding lesson of most of US history is that when Washington fails to function, the action moves to the states, cities and municipalities.” This is what “keeps the US moving.”
Tags: Cities, Federal, Government, Leaders, Municipalities, States, U.S., Washington
