In the latest issue of Cato Journal, Cato scholar James A. Dorn examines financial repression in China and its impact on the U.S. debt crisis. Also in this issue, Thomas Grennes looks at the diminishing quality of fiscal institutions in the U.S. and Europe, and Melissa Yeoh and Dean Stansel offer the first examination of the relationship between public expenditures and labor productivity that focuses on municipalities, rather than states or nations.