Need another argument why Washington should refrain from further stimulus spending? Of course you don't--your list should already be too long--but let me tell you what Andy Xie says anyway.
The former chief Asia-Pacific economist for Morgan Stanley ( MS - news - people ) argues that American stimulus just ends up helping the Chinese economy--and hurting our own. "Just as water flows down," he writes, "stimulus affects low-cost economies more, wherever it is initiated."
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