China's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade … disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are … undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows that severe trade …

the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …