The U.S. and China Both Need Economic Rehab. Niall Ferguson, November 6, 2013, Opinion. "Nearly seven years have passed since we coined the word Chimerica in these pages to characterize the symbiotic relationship between China and America. Few today would dispute that op-ed's original point: that the unbalanced economic relationship between China and America posed a threat to global financial stability. Without the flow of Chinese savings into U.S. dollars, as a result of Beijing's large-scale currency intervention and reserve accumulation, American interest rates would surely have been higher and the housing bubble would have inflated less..."