Niall Ferguson, the Laurence A. Tisch Professor of History at Harvard University, and The Atlantic's James Fallows discuss the financial relationship between the United States and China as part of the 2009 Aspen Ideas Festival.
The event was moderated by Scott Stossel.
James Fallows is a national correspondent for The Atlantic and has written for the magazine since the late 1970s. He has reported extensively from outside the United States and once worked as President Carter's chief speechwriter. His latest book is China Airborne.
Niall Ferguson, MA, D.Phil., is the Laurence A. Tisch Professor of History at Harvard University. He is a resident faculty member of the Minda de Gunzburg Center for European Studies.
He is also a Senior Research Fellow of Jesus College, Oxford University, and a Senior Fellow of the Hoover Institution, Stanford University.
Scott Stossel is the editor of The Atlantic magazine and the author of the New York Times bestseller My Age of Anxiety: Fear, Hope, Dread, and the Search for Peace of Mind and the award-winning Sarge: The Life and Times of Sargent Shriver.
Niall Ferguson and James Fallows debate the statement by Zhou Xiaochuan, head of China's central bank, calling for the replacement of the dollar as the dominant world currency with the creation of an international reserve currency.
Niall Ferguson, author of The Ascent of Money, concludes that the legitimacy of China is not strictly dependent on GDP growth, but on also relies heavily on nationalism -- which the Internet facilitates.
"The more economic problems they have, the more it seems to me they will rely on nationalism," he says.