The absurd theater of the AIIB

CHINA FINANCIAL - Report 06 Apr 2015 by Michael Pettis
Special points to highlight in this issue: Investors seem to be increasingly acknowledging that the world suffers from a structural excess of savings over desired private investment, and it is this excess that was responsible for the excess consumption during the bubble years and the weak demand and high unemployment since then.The best path for the global economy to follow would be if policymakers in creditworthy countries took advantage of very ample credit availability as extraordinarily low long-term rates to fund a massive rebuilding of productivity-enhancing infrastructure. Policy gri...

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