Chart of the Day – 2.11.2009

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CHART OF THE DAY…. This is from Brad Setser. Chinese exports are down 17.5%, but imports are down a stunning 43%:

What worries me the most? The possibility that the sharp y/y fall in imports doesn’t just reflect a fall in imported components or a fall in commodity prices, but rather a major deceleration in China’s domestic economy….At a time when the world is short demand, China seems to be subtracting from global demand not adding to it. The best solution: an absolutely enormous domestic stimulus in China.

A massive stimulus in the United States is probably necessary, but it’s still a dicey proposition since we’re running a big trade deficit and need to curtail our domestic consumption in the long run. But China is running a big trade surplus, which makes it unproblematic for them to increase domestic consumption, and their economic growth last quarter was perilously close to zero. They’re the ones who really need to stimulate their economy. If the Chinese economy tanks, the rest of the world will get dragged down even further with it.

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GREAT JOURNALISM, SLOW FUNDRAISING

Our team has been on fire lately—publishing sweeping, one-of-a-kind investigations, ambitious, groundbreaking projects, and even releasing “the holy shit documentary of the year.” And that’s on top of protecting free and fair elections and standing up to bullies and BS when others in the media don’t.

Yet, we just came up pretty short on our first big fundraising campaign since Mother Jones and the Center for Investigative Reporting joined forces.

So, two things:

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