Apparently, the Bush + Reid + Pelosi + Obama + Paulson bailout hasn't done the trick. AP:
The head of China's sovereign wealth fund said Wednesday he had lost confidence in western financial institutions during the global economic crisis and would not be investing in them, a report said.
Lou Jiwei, the chairman and chief executive of China Investment Corp (CIC), said the fund would now avoid investing in banks and other groups because of "uncertain" foreign government policies, the Wall Street Journal reported.
The fund has been a major investor in such groups since it was formed last September.
"We don't know when these institutions will be invested in by their governments," Lou said during a panel discussion in Hong Kong, part of a conference hosted by former US President Bill Clinton, the Journal said.
"We have to wait for a time when there won't be massive collapses of financial institutions."
Lou added he had "lost confidence from the lack of consistent government policies concerning support for Western banks. There is really no protection on my investment," the report said.
Well, shit.
If you can't steal from Chinese widows and orphans, who can you steal from?
Well done, Village! And since we are now operating in full Bipartisan
, consensus-driven, President-elect mode, the entire Village is responsible....
NOTE Since recovery starts with households, it's not clear how Obama's appointees will do any better than Bush's... Via Sideshow.
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I'll bet that Corrente: China has a post titled
"U.S. dollars full of melamine."
US dollars printed with lead
We could go on all night!
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Around these parts we call cucumber slices circle bites
Haw! @ VL
I'm just trying to imagine a "Corrente: China" (and knowing how very well they are at counterfitting things, I'm sure there is), and it cracks me up everytime I try to form a picture of the post titles for the hypothetical site.
BTW, I think that on every purchase form that we send to China for goods that we make sure to check the "unleaded" box on the form so as not get any surprises.
I am serious, and I approve this message.
haw!
that is funny, vl.
This is bad and it's all your fault, lambert
I don't know if this is a signal that we're not geting any more loans (investment is a form of lending, ya know), a pull on the leash to see how quickly we come to heel, or both. Or something else. Regardless of the endgame, get used to it. Wlecome to the new world order, where we will now be treated in the manner we have treated others.
It's your fault, lambert, because I don't want to know these things and if you hadn't been all informaative I would have remained blissfully ignorant. Why do you have to post stuff that's relevant and important? Why is it always this do-gooder brain-paining sort of stuff. Children are getting puppies, you know. That's important.
You and bruce dixon are on the shit list and you're both getting coal in your Christmas stockings.
And not clean coal neither.
Chinese Vehicle drives out of Enron Nation
I wonder if this new "sovereign wealth fund" is an investment vehicle which, as you point out, is made to drive things away. In this case it is driving away Chinese government investment in US dollars without explicitly doing so, which they know would cause a run on dollars, and make them lose big time on the gigantic investment in US dollars they already hold.
Did that make any sense? What I mean is that this is may just be the hedge against American investment that they have known they have needed for years.
China right now is like an Enron employee with all their investments wrapped up in Enron stock and an Enron pension. America is that Enron. We are all Enron now?
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Around these parts we call cucumber slices circle bites
Enron nation steals Chinese vehicle, then gives it back
If so, then China is even more vulnerable to an econ crash and burn by us. Very hard to tell---these folks make Paulsen look like cellophane when it comes to transparency. But if so, then we are locked into China as they are with us.
Could be that the economic move may be a very deep play using both economies in tandem to heave us both out of this downward spiral? We have technological sophistication and access to lots of dollars, they have the population and a domestic economy with huge potential growth, and we in the US of A do like a demon with which to compete. But they have a lot of experience with trade wars and history has shown that every time someone tries to crack their markets, they lose. The possible payoff is so massive that it results in magical thinking at its finest: "If we could get into China's domestic markets---"
Uh huh. And if wishes were horses, we'd all be eating steak.
Baiting a trap? Nervous? Edge of Panic? testing the waters? All of the above? None of the above? What does the crystal ball say?