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Coordination is even more critical in times of crisis. During the high point of the 2008 financial crisis, former US Treasury Secretary Hank Paulson worked closely with China and European countries to avoid imminent financial and currency collapse. For example, US Treasury bonds and bonds issued by US government-supported home mortgage lending agencies Fannie Mae and Freddie Mac were at risk of significant devaluation or even default during the worst days of the crisis. Many investors moved out of these unexpectedly risky assets into cash. But, the Chinese government supported the crisis-fighting efforts of the US government by continuing to hold them. If it had not done so, the world financial system may well have collapsed. In an October 2008 speech, Paulson stressed China's "useful and constructive" help in fighting the turmoil.
Consumers might need to use some health products and nonprescription drugs for a long time to see results. At the beginning, it's hard for consumers to make a judgment, the professor explained.

Cotton futures opened higher Friday in daytime trading on the Zhengzhou Commodity Exchange (ZCE). [Photo/Sipa]
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Cooperation
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