China's Dollar Trap

A week ago, the Governor of China's Central Bank called for the creation of a new super-sovereign currency to replace the dollar as the world's currency of choice. The reporting from the media came in a variety of forms: outrage, fear, confusion, etc. As always, NY Time's Op-Ed columnist (and this year's recipient of the Noble Prize in Economics) explains it best. He shed's light on China's mistakes over the past two decades. I found this article refreshing, because all you hear about in the media these days is how China is going to overcome us in this, or that. It makes you feel entirely helpless and like the Chinese are running their country so much better than we are running ours. Krugman points out this is not the case. Definitely give it a read. It's pithy!