Posted on 03/16/2002 5:34:57 PM PST by Boyd
Now that is a freudian slip if I ever saw one.
Chinese banking will be opened fully to foreign competition under the terms of the country's entry into the World Trade Organisation.
How many industries got this little bone tossed to them I wonder? Funny how the people who own the Federal Reserve seem to get their hands in everything.
Summary of the William J. Casey Institute
of the Center for Security Policy
Luncheon and Symposium on:
'The Asian Financial Crisis: The Exception or the Rule?'
4 May 1998
New York, NY
Over the past few weeks, growing concern has been expressed in capitals and markets around the world that Asia's financial crisis is intensifying and spreading, with potentially global repercussions. Such a prospect is prompting policy-makers and interest groups in the United States (among other places) to urge Congress to approve major new infusions of taxpayer resources for bail-outs run by the International Monetary Fund (IMF). Others are arguing that the private sector is the only mechanism capable of effecting necessary structural changes. If Washington and other industrialized nations are to avoid making what may prove to be multi-billion dollar mistakes, the character and causes of this crisis must be properly understood.
China's Campaign to Penetrate the U.S. Capital Markets/Political System
"So, over time, you could well have millions of Americans, wittingly or unwittingly, holding Chinese (or Russian) government paper in their investment portfolios. You already have the Chinese in our bond market to the tune of over $7 billion.
"These foreign governments are creating vested financial interests on the part of politically powerful constituencies in this country, millions of our citizens, to ensure that U.S. economic sanctions are not imposed on these governments. In short, U.S. investors will probably not want China penalized when it sells missile parts to Pakistan or Iran, or otherwise violate the missile technology control regime. Even in the cases of nuclear materials for the production of weapons, nuclear reactors to Iran or whatever it may be, U.S. investors could be sufficiently exposed to say, 'Look, if there are economic sanctions and if you are going to impose financial penalties or restrict the access of these foreign governments to our markets, what do we do when it comes time to redeem our bonds and pension funds?'"
"For example, take Great Wall Enterprises. They want to come to the U.S. bond market in the next 12 months -- and they'll probably get here, barring action on the part of some folks around here. Who are they? Well, they're the ones that cut the [controversial] deals with Loral and Hughes. What is their business? They build strategic intercontinental ballistic missiles targeted at the United States. That's what. So buy bonds, but think hard about who is in the cross-hairs of your capital flows."
"Beijing may have learned that its dependency on U.S. stability and markets is greater than anticipated. Maybe they [can be made to] understand the potential costs of continued proliferation and mischief making in the Persian Gulf, Indian sub-continent, and elsewhere of the nuclear variety. And maybe they will resist funding those kinds of activities, not to mention the abuse of human rights."
I felt the big Hector Mine 6.8 quake really well when I was living up in the Victor Valley and it and the aftershocks were strong and I was a good 50 miles away.
I did see what it had damage it had done to an overpass bridge on Interstate 40 a few weeks later. Awesome!
Clancy addressed the dangers of this in one of his recent books, "The Bear and the Dragon" (I believe that was the title!)
As the ChiComs leave communism and moved into State Controlled Fascism, this will be a big danger. The banks and other so called corporate entities will make Arthur Andersen look like a poster boy for good auditing practices!
Las Vegas caters to the high rollers. There's an elaborate "shrine" to a Buddhist
god outside a LV casino where the Asian high rollers go to pray for "good luck."
We find out - predictably - "luck" doesn't have anything to do with it.
This happened in Taiwan and is happening in China. A very close friend once asked me to invest a factory in China and the profit was not from the factory, it should come from LOAN from local banks. Of course "Guan Xi" was the KEY and I did not participate.
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