June 10, 2009
US Congressman Says China Buying More Gold
US House of Representatives member Mark Kirk, Republican from Illinois, talked to FoxNews about his recent trip to China and said China plans to buy $80 billion (US dollars) of gold. In addition to this bit of news, Congressman Kirk claims mandarins in Beijing told him that they were losing confidence in the dollar....
Labels: credit crunch, gold, panic of 2008
September 29, 2008
China to USA: A fish doesn’t stink from the tail
The 2008 summer session of the World Economic Forum has concluded in Tianjin, China, with harsh words from China bank regulator Liu Mingkang who criticized the US financial industry for getting the world into the current credit and liquidity mess. The oft quoted and widely respected Chairman of Morgan Stanley Asia, Stephen Roach, said the "The US will have its version of Japan’s lost decade" now.
The consenus appears to be that economic growth will come soley from Asia in the years ahead with all eyes on China primarily.
Labels: bubble, credit crunch, financial crisis, world economic forum
July 21, 2008
Learn From Subprime Says Paulson
Meeting with BusinessWeek magazine editors US Treasury Secretary Paulson told of a recent exchange with his Beijing buddies:
Vice-Premier Wang Qishan (his Chinese counterpart in the US-China Strategic Economic Dialogue) said to Paulson recently, “We’ve been listening a lot to you and now we find out our teacher has problems.” Paulson said he responded, “Learn from us and you can avoid some of the mistakes.”
Teacher has problems, indeed.
hat tip to John M at Calculated Risk blog
Labels: credit crunch, financial crisis, paulson, sed, strategic dialogue, subprime
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