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"Over the past decade the United States has experienced widening current account deficits and a steady deterioration of its net foreign asset position. During the second half of the 1990s, this deterioration was fueled by foreign investment in a booming U.S. stock market. During the first half of the 2000s, this deterioration has been fuelled by foreign purchases of rapidly increasing U.S. government debt. A somewhat surprising aspect of the current debate is that stock market movements and fiscal policy choices have been largely treated as unrelated events. Stock market movements are usually interpreted as reflecting exogenous changes in perceived or real productivity, while budget deficits are usually understood as a mainly political decision. The authors challenge this view here and develop two alternative interpretations. Both are based on the notion that a bubble (the "dot-com" bubble) has been driving the stock market, but differ in their assumptions about the interactions between this bubble and fiscal policy (the "Bush" deficits). The "benevolent" view holds that a change in investor sentiment led to the collapse of the dot-com bubble and the Bush deficits were a welfare-improving policy response to this event. The "cynical" view holds instead that the Bush deficits led to the collapse of the dot-com bubble as the new administration tried to appropriate rents from foreign investors. The authors discuss the implications of each of these views for the future evolution of the U.S. economy and, in particular, its net foreign asset position. "--World Bank web site.

Bush, George W. --- United States --- Economic policy

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Presidents --- History --- Bush, George W. --- United States --- Politics and government

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Available in print for the first time, this day-by-day diary of George H. W. Bush's life in China opens a fascinating window into one of the most formative periods of his career. As head of the United States Liaison Office in Beijing from 1974 to 1975, Bush witnessed high-level policy deliberations and daily social interactions between the two Cold War superpowers. The China Diary of George H. W. Bush offers an intimate look at this fundamental period of international history, marks a monumental contribution to our understanding of U.S.-China relations, and sheds light on the ideals of a global president in the making. In compelling words, Bush reveals a thoughtful and pragmatic realism that would guide him for decades to come. He considers the crisis of Vietnam, the difficulties of détente, and tensions in the Middle East, while lamenting the global decline in American power. He formulates views on the importance of international alliances and personal diplomacy, as he struggles to form meaningful relationships with China's top leaders. With a critical eye for detail, he depicts key political figures, including Gerald Ford, Donald Rumsfeld, Deng Xiaoping, and the ever-difficult Henry Kissinger. Throughout, Bush offers impressions of China and its people, describing his explorations of Beijing by bicycle, and his experiences with Chinese food, language lessons, and Ping-Pong. Complete with a preface by George H. W. Bush, and an introduction and essay by Jeffrey Engel that place Bush's China experience in the broad context of his public career, The China Diary of George H. W. Bush offers an unmediated perspective on American diplomatic history, and explores a crucial period's impact on a future commander in chief.

Presidents --- Diplomats --- Bush, George, --- United States --- China --- Foreign relations

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Presidents --- History --- Bush, George W. --- United States --- Politics and government

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Bush, George Walker --- Citatenverzamelingen --- Citations --- Etats-Unis ; politique --- Verenigde Staten ; politiek