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China paper urges new currency order after "financial tsunami"

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  • GRG55
    replied
    Re: China paper urges new currency order after "financial tsunami"

    Originally posted by babbittd View Post
    The National is owned by the UAE Royals and edited by British newspaperman, Martin Newland. The following appeared in the Editorials section on November 8th: Let’s build with industry, not debt
    "...While speculation and luxury projects may be in fashion for a season, only an economy built on work that promotes efficiency and innovation – and not just the appearance of wealth – will be able to thrive in the long term..."
    The GCC and the whole of the Middle East is competing with the rest of the world, and most particularly with the Asia [Chindia] subset, in this regard.

    Given its history, cultural norms, religious xenophobia [still increasing], lack of confidence in government institutions [by their own populations], deeply imbedded corruption culture, abysmal education systems, and a host of other, similar, circumstances there is absolutely no possible way that region of the world will ever be able to compete. My observation after living in the Gulf for an extended period is that the gap with the rest of the world is increasing, despite the multi-year petro-dollar fueled "infrastructure' boom.

    The then-Chairman of my firm [a senior Ruling Family member] put it best a couple of years ago during a long late-night discussion I had with him on this subject. He pulled the Nokia phone from the pocket of his thobe [dishdasha], threw it on the table declaring "Tiny Finland can make these. Other than oil what do we make?".

    In a globalizing world the petro-boom is the absolute worst possible thing that could have happened to them, and the "curse of oil" is being revisited upon that region once again.

    Leave a comment:


  • metalman
    replied
    Re: China paper urges new currency order after "financial tsunami"

    Originally posted by babbittd View Post
    The National is owned by the UAE Royals and edited by British newspaperman, Martin Newland. The following appeared in the Editorials section on November 8th: Lets build with industry, not debt

    The UAE, better protected from the economic storm than most markets, appears to be shifting its economic priorities. I think the credit crisis will help us reflect and make sure the projects we are proceeding with are attractive and feasible, said Hussain al Nowais, chairman of Emirates Holdings. As the UAE plans for its economic future, it can learn several important lessons from the current economic tumult. While speculation and luxury projects may be in fashion for a season, only an economy built on work that promotes efficiency and innovation and not just the appearance of wealth will be able to thrive in the long term.
    how itulip-esque!

    Leave a comment:


  • Slimprofits
    replied
    Re: China paper urges new currency order after "financial tsunami"

    The National is owned by the UAE Royals and edited by British newspaperman, Martin Newland. The following appeared in the Editorials section on November 8th: Lets build with industry, not debt

    The UAE, better protected from the economic storm than most markets, appears to be shifting its economic priorities. I think the credit crisis will help us reflect and make sure the projects we are proceeding with are attractive and feasible, said Hussain al Nowais, chairman of Emirates Holdings. As the UAE plans for its economic future, it can learn several important lessons from the current economic tumult. While speculation and luxury projects may be in fashion for a season, only an economy built on work that promotes efficiency and innovation and not just the appearance of wealth will be able to thrive in the long term.

    Leave a comment:


  • c1ue
    replied
    Re: China paper urges new currency order after "financial tsunami"

    Originally posted by phirang
    Drink the milk in shanghai.

    Take the metro as a black man in Moscow.

    Get in a car accident with a native in Dubai.
    Oh yes, come over to San Francisco and I'll drop you off in Hunter's Point at night.

    Or how about Jamaica in New York?

    As for metros in Moscow - I've seen Africans there.

    Again, you clearly are showing your information sources as MSM rather than real.

    Why is it that skinheads in Moscow make the whole nation racist, but wholesale riots due to Rodney King are just an expression of anger?

    Lastly, car accidents. Yes, how about you go get into a car accident with a native anywhere in the world but where you are in.

    See how it turns out.

    Leave a comment:


  • VIT
    replied
    Re: China paper urges new currency order after "financial tsunami"

    Originally posted by phirang View Post
    Drink the milk in shanghai.

    Take the metro as a black man in Moscow.

    Get in a car accident with a native in Dubai.
    Try to walk in some areas of New-York

    Leave a comment:


  • phirang
    replied
    Re: China paper urges new currency order after "financial tsunami"

    Originally posted by c1ue View Post
    Huh? more spouting nonsense. OPEC nations all have massive unemployment. So does Brazil and India. China's unemployment is fairly low, but that's because there are lots of subsistence farmers and people in/related to army/government. Russia has fairly high unemployment as well from US standards.



    Um, so Shanghai, Dubai, Moscow all suck?

    For everything craphole rural spot in BRICOPEC, there's Mississippi and Louisiana.

    So please keep your ridiculous and poorly informed opinions to yourself.
    Drink the milk in shanghai.

    Take the metro as a black man in Moscow.

    Get in a car accident with a native in Dubai.

    Leave a comment:


  • c1ue
    replied
    Re: China paper urges new currency order after "financial tsunami"

    Originally posted by phirang
    BRICOPEC have weak political systems, and so they're beholden to keep full employment.
    Huh? more spouting nonsense. OPEC nations all have massive unemployment. So does Brazil and India. China's unemployment is fairly low, but that's because there are lots of subsistence farmers and people in/related to army/government. Russia has fairly high unemployment as well from US standards.

    Originally posted by phirang
    Have you been to any of these places? They suck.
    Um, so Shanghai, Dubai, Moscow all suck?

    For everything craphole rural spot in BRICOPEC, there's Mississippi and Louisiana.

    So please keep your ridiculous and poorly informed opinions to yourself.

    Leave a comment:


  • Guest's Avatar
    Guest replied
    Re: China paper urges new currency order after "financial tsunami"

    Phirac I've been going to China for 20 years and when i total it all up I've spent about 2.5 years of my life there. I enjoy being there and I like the people. It's often frustrating doing business for a variety of reasons but that is a different matter. Generally they are really happy people. Much happier than Australians or the US I think. So I wouldn't say it sucks and the people there don't think it sucks.
    I agree with you, as I think I've said, that the USD is the greatest con trick the world has ever seen. All these worthless IOU's are scattered all over the Globe. Well not quite worthless if they decide to execute them. I am very doubtful that the US is as smart as it thinks it is. The manner in which these IOU's are executed either in the near or distant future may come as a shock! TAnd they sure are hoplding a lot of them.
    The Asians think much longer term than we do. A time horizon of 20 years and longer is not uncommon on a deal. Long term for us is about 20 days!
    One other minor detail with the Chinese.....if you play bluff with them, you lose! Their lives, everyday living, even the traffic, is one big game of bluff. It's part of their character.

    So, again, I doubt the end game for the Western world is going to be as benign for us as we seem to think. Frankly, from my viewpoint, we are acting really stupidly.

    I realise i have not used Economic facts here. There are enough of those readily available, particularly who is in debt and who is not. Your point is about how that debt will be played out.

    Leave a comment:


  • VIT
    replied
    Re: China paper urges new currency order after "financial tsunami"

    Originally posted by phirang View Post
    Have you been to any of these places? They suck.
    History says the arrogance could be costly.

    No doubt OPEC and BRIC have the problems but they have some advantages as well.

    Leave a comment:


  • marvenger
    replied
    Re: China paper urges new currency order after "financial tsunami"

    well they probably could be better yes, but who am I to judge. If they can save as much as they do they must be doing something right and deserve a place at the negotiating table and I think they might just get it as long as their governments don't get further bought by this NWO stuff.....they just need to develop their own demand, it can't be that bloody hard.....I'm probably dreaming.

    Leave a comment:


  • phirang
    replied
    Re: China paper urges new currency order after "financial tsunami"

    Originally posted by marvenger View Post
    I think there'll be reform. I'm hoping and thinking BRICOPEC will have significant influence. It's time time for some pain and then mutual benefit.
    Have you been to any of these places? They suck.

    Leave a comment:


  • marvenger
    replied
    Re: China paper urges new currency order after "financial tsunami"

    I think there'll be reform. I'm hoping and thinking BRICOPEC will have significant influence. It's time time for some pain and then mutual benefit.

    Leave a comment:


  • phirang
    replied
    Re: China paper urges new currency order after "financial tsunami"

    Originally posted by The Outback Oracle View Post
    Phirang....I keep wondering why you think the Chinese are totally unutterably stupid and powerless and will just agree to whatever hank et al propose.
    I suppose the US can just keep on accruing debt infinitesmally...it's worked so far right?
    BRICOPEC have weak political systems, and so they're beholden to keep full employment.

    Vendor-finance = easy way out. Anything else entails loosening power and having reform => India.

    Leave a comment:


  • Guest's Avatar
    Guest replied
    Re: China paper urges new currency order after "financial tsunami"

    Phirang....I keep wondering why you think the Chinese are totally unutterably stupid and powerless and will just agree to whatever hank et al propose.
    I suppose the US can just keep on accruing debt infinitesmally...it's worked so far right?

    Leave a comment:


  • VIT
    replied
    Re: China paper urges new currency order after "financial tsunami"

    Originally posted by GRG55 View Post
    The creation of a US T-bond based global "power-money" would seem unlikely to be accomplished unilaterally by the USA. So what are the reasons the US would receive external support for this outcome?
    There's probably a long list but here's the obvious ones that come to mind early [too early :p ] this Sunday morning...
    • You need, or believe you need, military protection, and there is no obvious substitute for the USA [the Gulf monarchies and certain Eastern European nations come to mind];
    • You need the US consumer market to support your own economy, because "decoupling" is a myth [China and the SE Asia mercantilist economies come to mind];
    • You are weak economically, as are your prominent allies, and you risk what is in your own personal and national self-interest if you get cross-threaded with the Americans [Putin and Russia come to mind];
    • You are none of the above, but recognize that the alternative to allying yourself economically and financially with the USA is an inevitable loss of national sovereignty [the larger EU economies come to mind]
    It sounds too American focused. Probably US would have to demonstrate it for those in ROW who does not share these ideas.

    Leave a comment:

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