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China’s Real Weapon?

…taken into account. With the possible exchange rate changes, total capital losses could easily total $50-$100 bn. The real significance of capital losses on the PBOC’s balance sheet is the…

…any sense. After all, if total discretionary spending went up only 5.5%, how is it possible for his chart to show all three separate components going up by that much…

…10-year budgetary effect = $1.4 trillion, or 25% of the total shortfall. Tax cuts: 10-year budgetary effect = $3.1 trillion, or 60% of the total shortfall. The conclusion is straightforward….