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Paul Craig Roberts – The US needs an enemy: And it chose China

Summary:
China-U.S. trade deficit is the result of the U.S.' accounting model, not China's trading practices. China's growing confidence and its rapid development led the U.S. to make it the enemy to justify its large military spending, says Paul Craig Roberts, former U.S. Assistant Secretary of the Treasury for Economic Policy under Ronald Reagan.[embedded content]

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 China-U.S. trade deficit is the result of the U.S.' accounting model, not China's trading practices. China's growing confidence and its rapid development led the U.S. to make it the enemy to justify its large military spending, says Paul Craig Roberts, former U.S. Assistant Secretary of the Treasury for Economic Policy under Ronald Reagan.




Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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