The effects of the current economic recession on peoples' lives are many.  From no longer getting the morning paper, because the paper can no longer afford to stay in business in places like Flint, Michigan, to not being able to pay for medications and health care coverage for sick members of the family, the stories are numerous and in some cases heartbreaking. Chinese proposal to move to an international reserve currency got a chilly reception in Washington (understandably), and a somewhat cool one from the IMF officials. Former Federal Reserve Chairman Paul Volker did not mince any words, calling Chinese expressions of concern about their investments in U.S. currency of late "disningenuous."  Economist Brad Setser, confirms that the Chinese government does not put their money where their mouth is.  In other words, all the recent badmouthing of the value of U.S. investments aside, they continue to buy U.S. Treasuries and at the increased rate, to boot! Meanwhile, the debate about the size of the government stimulus measures ahead of the G-20 meeting in London continues.  EPI argues that Europe needs to do more while Peter Brown writes in the WSJ that we’re spending too much .