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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: westpacific who wrote (90461)	1/15/2008 5:16:06 PM
From: roguedolphin	Read Replies (4) of 110194

The $1.4 Trillion Question theatlantic.com Stephen Schwarzman may think he has image problems in America. He is the co-founder and CEO of the Blackstone Group, and he threw himself a $3 million party for his 60th birthday last spring, shortly before making many hundreds of millions of dollars in his company’s IPO and finding clever ways to avoid paying taxes. That’s nothing compared with the way he looks in China. Here, he and his company are surprisingly well known, thanks to blogs, newspapers, and talk-show references. In America, Schwarzman’s perceived offense is greed—a sin we readily forgive and forget. In China, the suspicion is that he has somehow hoodwinked ordinary Chinese people out of their hard-earned cash..... ....The dollar’s value has been high for many years—unnaturally high, in large part because of the implicit bargain with the Chinese. Living standards in China, while rising rapidly, have by the same logic been unnaturally low. To understand why this situation probably can’t go on, and what might replace it—via a dollar crash or some other event—let’s consider how this curious balance of power arose and how it works....... GOT YUAN/REMNIMBI???????????? (Great 4 page article follows!.....)http://www.theatlantic.com/doc/200801/fallows-chinese-dollars

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