Someone asked me recently to comment on the difference between Chinese banks and American banks. While both seeks to maximize profits, the former is much more under the control of the government and thus more aligned with national economic policy. Ann Lee recently told Allen and I that in the U.S., as in the recent bail-out of WSJ, the situation was a socializing of the risks … [Read more...] about 12 year-old Victoria Grant on the Canadian banking system
economy
RMB-Yen currency swap starts June 2012
At the 4th BRICS summit, the member countries agreed to work towards currency swaps when trading among themselves. For China, this is a general trend in recent years to internationalizing the renmingbi (RMB) or yuan. At the end of 2011, 9% of China's total trade were settled in yuan with 14 countries and regions. That's quite a jump considering in 2010, the percentage was … [Read more...] about RMB-Yen currency swap starts June 2012
President of Ecuador, Rafael Correa, to Julian Assange, “welcome to the club of the persecuted”
Following is an interesting interview of Ecuadorian President, Rafael Correa, by Julian Assange. There are many criticisms of U.S. foreign policy, but what I find most interesting is Correa lamenting the fact he has to fight against moneyed interests within his own country who control the mass media. Assange asked about China being a replacement devil as source of capital. … [Read more...] about President of Ecuador, Rafael Correa, to Julian Assange, “welcome to the club of the persecuted”
Is China a Resource Poor Nation?
China has repeatedly been billed as the largest energy consumer and portrayed as possible future aggressor in the quest for more energy, mineral, and even water resources. Most western press also mentioned that China is a resource poor country that consumed a prodigious amount of minerals. However, the first point is factually wrong. … [Read more...] about Is China a Resource Poor Nation?
‘Green’ protests in India backed by U.S.-funded NGO’s
Interesting take by Russia Today about U.S.-funded NGO's operating in India doing 'green' protests against the country's aim to develop more nuclear power plants. India has shut down some of such NGO's while Russia Today insinuate they specifically targeted nuclear plants under construction by Russian firms. … [Read more...] about ‘Green’ protests in India backed by U.S.-funded NGO’s