Re: Summers to World: Quit buying US Treasuries, dummies!
Let me get this straight. The central banks of emerging countries want to stabalize their currency, so they use US treasuries as a proxy for their own currency reserves. Makes sense. But this guy thinks they should invest in the stock market? For higher returns? These countries are looking for currency stability, not returns.
If they wanted higher "returns," they should put the money to work within their own economy, not our stock market.