Chinese firm agrees to invest $5 billion in Morgan Stanley

Washington Post, December 20,2007 page D1,D3: As I have sent my blogs in the past,China is a friend of the United States and any economic cooperation or collaboration would be a matter of mutual benefit to both nations. Such evidence is clear to the watchers of Sino-American Economics in the days to come.
On page D1,D5,Lawrence H. Summers says the Fed is focused too much on fighting inflation and not enough on preventing recession. My comment: The decision makers are bankers or persons with financial clout,not folks in the mainstreets. Consequently,their vested interests can be detected by independent scholars or analysts. Ordinary folks are suffering due to slowdown of the economy as we have been seeing the happenings lately and in the days to come for mortgages.
In 1970s,I published an article in the Atlantic Economic Journal apropos of Purchasing Power Parity of the GNP per capita in different nations as indicator of wellbeing to be challenged at best. I would state categorically that such measurements to gauge standard of living are neither accurate nor reliable due to lifestyles of the peoples and other factors such as traditions and customs. We are unable to measure the immeasurables. In the 1990s,I read an article by Lawrence Summers with the same line of reasoning. As I claim to be a lifelong student of economics,I always try to compare notes with other economists to find out their rationale in order to be sure about the validity of my own thoughts to be substantiated or otherwise. I believe such way of learning is fair and independent to my pursuit of sound knowledge. Francis Shieh a.k.a. Xie Shihao. Dec.20, 2007.