Exclusively from Michael Pettis’s newsletter:
In the June 11, 2013 issue of my newsletter I discussed a presentation by three economists from the EU, one based in Beijing and two visiting from Brussels, who had asked a few weeks earlier if they could come to my central bank seminar at Peking University and speak about the euro crisis.
…Needless to say the presentation was fascinating. There was one point, however, that drew a great deal of shocked comment from my students. The visitors presented a graph projecting Europe’s balance of payments out to 2014 as a way of illustrating how Europe would resolve domestic demand imbalances.
