China Govt Economist:Like Fed, ECB Printing Way Out Of Crisis

''A senior Chinese government economist warned

Saturday that Europe seems to be following the U.S. in printing its way

out of the current debt crisis, and that China could wind up as the

biggest victim.

Chinese Academy of Social Sciences professor Yu Yongding said he is

concerned that Europe has “no resolution, no will or capacity” to

implement austerity, and European countries will instead depreciate the

euro to reduce their liabilities.

The European Central Bank’s long-term refinancing operations (LTRO)

suggest that it is taking a page from the Federal Reserve’s playbook and

has abandoned its opposition to monetary easing, he said. China should

prepare for the consequences of this..''

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