{"id":4805,"date":"2012-09-15T21:06:21","date_gmt":"2012-09-16T03:06:21","guid":{"rendered":"http:\/\/www.zmetro.com\/?p=4805"},"modified":"2012-09-15T21:06:24","modified_gmt":"2012-09-16T03:06:24","slug":"what-pivot-real-us-china-war-will-be-over-money","status":"publish","type":"post","link":"http:\/\/www.zmetro.com\/?p=4805","title":{"rendered":"What &#8216;pivot&#8217;? Real US-China war will be over money"},"content":{"rendered":"<p><a href=\"http:\/\/www.scmp.com\/business\/article\/1035255\/what-pivot-real-us-china-war-will-be-over-money\">Tom Holland:<\/a><\/p>\n<blockquote><p><i>Anyone who fears that Washington&#8217;s &#8220;pivot&#8221; towards the Pacific increases the risk of conflict between the United States and China is behind the times.<\/p>\n<p>America and China are already at war. Only the battle ground isn&#8217;t the East China Sea. It&#8217;s money.<\/p>\n<p>In his latest book Paper Promises author and Economist columnist Philip Coggan describes economic history as an endless struggle between borrowers and lenders over the irreconcilable difference in their interests.<\/p>\n<p>Today that difference pitches the US, as the world&#8217;s largest debtor, into conflict with China, the planet&#8217;s biggest creditor.<\/p>\n<p>Coggan explains that creditors are always trying to defend the soundness of money as a store of value, in order to ensure they get paid what they are owed.<\/p>\n<p>Debtors, on the other hand, have a powerful incentive to debase the value of money, which effectively lets them off the repayment hook.<\/i><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Tom Holland: Anyone who fears that Washington&#8217;s &#8220;pivot&#8221; towards the Pacific increases the risk of conflict between the United States and China is behind the times. America and China are already at war. Only the battle ground isn&#8217;t the East China Sea. It&#8217;s money. In his latest book Paper Promises author and Economist columnist Philip [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4805"}],"collection":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4805"}],"version-history":[{"count":1,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4805\/revisions"}],"predecessor-version":[{"id":4806,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4805\/revisions\/4806"}],"wp:attachment":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4805"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}