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Superfusion: How China and America Became One Economy A podcast with author Zachary Karabell.

By Daniel Gross and Win RosenfeldPosted Thursday, Oct. 22, 2009, at 12:09 PM ET

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The Big Money presents "Every Day I Read the Book," featuring Daniel Gross. Dan's guest is Zachary Karabell, author of the book Superfusion: How China and America Became One Economy and Why the World's Prosperity Depends on It.

It's common to hear experts on the global economy proclaim that the economies of China and the United States have become joined together, that the largest economy in the world and what may soon be the second-largest share a common financial bloodstream. In his new book, Zachary Karabell, a historian, money manager, and consultant, looks into how this happened. And he explains why the relationship between the two countries has become more complicated than a simple arrangement whereby the United States buys Chinese manufactured goods and China buys U.S.-manufactured bonds.

To listen to the podcast, click on the player below. You can also download the MP3, or subscribe to the "Every Day I Read the Book" podcast on iTunes.

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Daniel Gross is the Moneybox columnist for Slate and the business columnist for Newsweek. You can e-mail him at and follow him on Twitter. His latest book, Dumb Money: How Our Greatest Financial Minds Bankrupted the Nation, has just been published in paperback. Win Rosenfeld is the multimedia producer for The Big Money.

COMMENTS

I do not buy into the argument of a higher valued Yuan giving China greater purchasing power in the US as really an argument. It is a somewhat of a "so-what argument." A floating Yuan will allow US products to be cheaper in China which is a greater advantage. Right now, as pegged to the $dollar, China's lower valued Yuan gives it greater economic access to Europe and Japan. If we hurt China, we hurt ourselves in the end. In time China will adjust.

-- run75441
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