Wow, Michael Pettis melts one particular face in specific and lays out a historical precedent analogous to China's current horde of foreign reserves. Without cr

Wow, Michael Pettis melts one particular face in specific and lays out a historical precedent analogous to China's current horde of foreign reserves. Without cribbing his article too much, my main takeaway is the underlying economic imbalances at play in China that have resulted in their accumulation of foreign reserves, particularly 2 trillion US dollars.