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Asian Pacific Business Journal
Issue Number 0089
WWW.APBJOURNAL.COM
2015 May Issue
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Bernanke, TSMC head agree 'American Dream' now harder to attain TTaipei, May 26 (CNA) Morris Chang (്࢘ᘩ), chairman of Taiwan Semiconductor Manufacturing Co., the world's largest contract chip maker, said Tuesday that he and former U.S. Federal Reserve Chairman Ben Bernanke share the view that the "American dream" still exists, but is more difficult to attain than in the past. Chang, who attended a forum sponsored by local magazine Business Weekly in Taipei, said he asked Ber- Bernanke said he shares Chang's nanke if the "American Dream" still feelings, noting that although his exists. parents were also immigrants, he realized his own dream. The American dream means that if one works hard, he or she can climb Chang said that Taiwan also has its the ladder of success, Chang said. own dream, but this is also more difficult to attain than it was two or Chang noted that when he arrived in three decades ago. the United States, his parents were below average, but he managed to Whether it is an American or Taiclimb to among the top 10 percent wanese dream, the destination is of society by the age of 40. to become middle-class, not superwealthy, Chang went on. He realized his own dream, but nowadays a lot of American immigrants In the forum, Bernanke was also cannot realize their dreams, he said.
questioned about America's quantitative easing (QE) policy. He himself engineered all three rounds of the U.S. quantitative easing program following the 200708 financial crisis.
rates and have not complained about the U.S. policy, unlike economies that have adopted fixed exchange rates. Lee Jih-chu (ޕધఇ), chairperson of the Taiwan Financial Holdings Co. and the Bank of Taiwan, said the QE policy has helped the United States on the road to recovery. But many countries have now adopted QE policies and if they cannot handle it well, too much liquidity will lead to another crisis.
He said that adopting a monetary policy of driving down the currency Asked if the internationalization rate boosted exports of the manufac- of the Chinese yuan will threaten turing sector, but also carried risks. the dominant status of U.S. dollar, Bernanke said only that the United Kuan Chung-ming (ጥխၰ), a for- States is not concerned about this. mer chairman of the National Development Council, questioned Ber- Bernanke, who served as governor nanke's QE policy, noting that some of the U.S. central bank from 2006have complained that it has had a big 2014, is the first former Fed chairimpact on Taiwan and other emerg- man to visit Taiwan. ing countries. (By Jackson Chang, Pan Chih-yi, Bernanke noted that Europe and Ja- Milly Lin and Lilian Wu) pan have adopted floating exchange