Paulson, who’s now chairman of the Paulson Institute, told Bloomberg’s New Economy Forum in Beijing that moves to reduce ties between the U.S. and China would weaken American leadership and New York’s leading role in finance. He said less cooperation between Washington and Beijing would also make it more difficult to tackle another financial crisis like the one he was forced to manage as treasury secretary in 2008.“When the next crisis comes -- and a crisis will come, because financial crises are inevitable -- we will regret it if we lack mechanisms for the world’s first and second-largest economies to coordinate,” Paulson told the forum on Thursday, according to a prepared version of his remarks.
Paulson’s speech followed on from his warning at the same forum last year that an “economic iron curtain” was descending between the U.S. and Chinese economies. Since then, the relations between the two sides have grown even more strained by trade disputes, security spats and disagreement over human rights.
The Trump administration has been pressuring allies to stop using Chinese technology. U.S. officials are also discussing ways to limit American investors’ portfolio flows into China, Bloomberg News reported in September, citing people familiar with the internal deliberations.
The U.S. Treasury said that there was no plan “at this time” to block Chinese companies from listing on U.S. stock exchanges.
by Bloomberg News, Yahoo News | Read more:
Image: uncredited
[ed. One might reasonably ask, "What the hell is he talking about, and why should I care?" Well, wonder no more: to protect Wall Street scammers (of course). See: Chinese Stock Collapses 98% in Hours After MSCI Flip-Flops: How Index Providers Saddle US Pension Funds with Stock Scams (Wolf Street).]
