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Why is China booming while the American economy lags?
Despite a globally challenging economic environment, production in China has grown by an astounding 7% to 14% a year, every year, for the past 20 years. America’s GDP, by contrast, fell during the serious recession of 2008-9, and is now struggling to achieve even a tepid 3% growth. Why should this be?
Over time, economic thought and attitudes in the U.S. and other Western nations increasingly diverged from the underlying views in China, and significant contrasts developed. This book analyzes several key statements of “accepted” economic views in the U.S., to determine which have real basis in the U.S. financial system, and which are really just myths.
The six myths:
Asian nations are bankrolling the U.S.
Treasury issued securities crowd out the private sector
If everyone tries to save more, the nation will save more, and investment,
GDP, and employment will increase
If the government reduces the deficit, then national saving and
investment will increase
Today’s deficits create great burdens of tax for our children
If the U.S. does not get its deficit reduced soon, treasuries will face the
same problems as Greece and Ireland
- Sales Rank: #795056 in eBooks
- Published on: 2014-01-15
- Released on: 2014-01-15
- Format: Kindle eBook
From the Inside Flap
Six Myths that Hold Back America: And What America Can Learn from the Growth of China’s Economy offers a bold new view of today’s major economic challenges. Drawing upon his experience as a senior U.S. Treasury official and bank executive, Frank Newman makes a step-by-step case for a new approach to U.S. economic policy—one that will address key problems of America now, and in the future.
In rediscovering its potential, America must shake its mistaken faith in economic myths. The U.S. is not being bankrolled by Asian nations. It is not drowning in a consumption-driven economy. It does not need to be shackled by fears of a budget deficit. Using illustrations of how the money system actually works, this book exposes the economic misunderstandings that have stagnated growth in the West, and reveals the very different views underpinning the East’s ascension.
From the Back Cover
Why is China booming while the American economy lags?
Despite a globally challenging economic environment, production in China has grown significantly every year, for the past twenty years. America’s GDP, by contrast, fell during the serious recession of 2008-9, and is now struggling to achieve even tepid growth. Why should this be?
Over the last decade, economic thought and attitudes in the West have increasingly diverged from the underlying views in China, and significant contrasts have developed. Six Myths that Hold Back America analyzes key statements of accepted economic views in the U.S. to determine which have real basis in the U.S. financial system, and which are really just myths.
Refreshing, stimulating, independent thinking—Frank Newman draws upon a wealth of practical experience in the private and public sectors, including his time as CEO of major banks in the U.S. and China, and in his role as Deputy Secretary of the U.S. Treasury. This experience at home and abroad helps him dissect a series of common economic beliefs and develop conclusions that deeply challenge conventional assumptions about the American economy.
About the Author
Frank Newman is a former Deputy Secretary of the U.S. Treasury Department, and has 30 years of experience as a banking executive in both the U.S. and China. Upon completion of his service with Treasury, he was awarded the Alexander Hamilton Award, the department’s highest honor. He recently completed 5 years as Chairman of the Board of Directors and CEO of Shenzhen Development Bank, China. He has held the positions of Chairman and CEO of Bankers Trust, Vice Chairman and CFO of Bank of America, Executive Vice President and CFO of Wells Fargo Bank, Director of Korea First Bank, and Director of Dow Jones & Company. He and his wife live in Hong Kong, and enjoy time in New York and Martha’s Vineyard.
Most helpful customer reviews
7 of 7 people found the following review helpful.
Essential for surviving op-ed obituaries of the US economy
By Thomas M. Hout
This is the book for people who want to go behind the op-eds and see what the real financial and economic situation and policy options for the US are. As the US struggles and China ascends, a mis-informed pessimism that the US is cornered has set in, and Frank Newman in the clearest of language possible says why this is not the case by explaining how international debt markets, saving and growth, and US budget deficits really work. The essential messages are: the US is not hostage to China's lending us money; increased saving and austerity will not create more investment; and the US economy and dollar are unique among nations which gives us many more policy options to recover than financial commentators suggest.
The book's concepts are highly accessible because he explains the most basic mechanics of how debt markets and an economy's flow of funds works. This is the language you wish your economics professor would have chosen. The problem with most conversation about our economy and China today is how shot full of assumptions it is about how the basics work, and rarely does anyone stand back and critically explain and review them. This book does. It is a perfect gift for people who get cornered at parties and are told how the Chinese own us and that we could be a Greece waiting to happen. If you want to defend yourself against these self-appointed Casandras, read this book.
And there is interesting content even for the specialist, especially how commercial banks create money and the many options the Eurozone has when it comes to debt instruments. Newman is an insider who takes you on a tour of what real policy people know and see. It's much more fun than another heavy op-ed. The book is mercifically compact.
3 of 3 people found the following review helpful.
Every MMT follower should have this book
By Spiderman
Without apparent awareness of Modern Monetary Theory (MMT), Newman, as a banker and former Under Secretary of the Treasury uses the same analysis of money flows in the American economy as MMT theorists to arrive at the same conclusions. This little book should be a manual for every new President of the United States about national debt, deficits and their effects, the discontents of austerity, and how aggregate saving in the economy can only grow with investment, government deficit spending, and rise in export income. Newman critiques six myths: (1) Asian nations are bankrolling the U.S.; (2) Treasuries crowd out financing for the private sector, (3) If everyone tries to save more the nation will save more, and Investment, GDP, and employment will increase; (4) If the deficit is reduced, then national Saving and Investment will increase; (5) Deficits create great burdens of repayment and taxes for our children; and (6) If the U.S. does not get its fiscal deficit reduced soon, U.S. Treasuries will face the same problems as bonds of Greece and Ireland. Newman also draws on his experience as the CEO of a Chinese Development Bank bought by American investors and returned to profitability in which he was able to study the Chinese banking system, and he points out how they like us have a fiat money system but do not subscribe to these myths as do Americans, and this is the reason for the Chinese's rapid economic growth. Those same myths are holding back our economy from fully recovering from the Great Recession.
6 of 7 people found the following review helpful.
Thought Provoking
By Suspect
A fascinating, well written, thought provoking read that's sure to spark the kind of dialogue necessary to get America's economy back on track. Mr. Newman clearly understands how the American and Chinese economies work and his experience as the CEO of banks in both countries gives 'Six Myths' the credibility that only he can provide.
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