"The Trillion Dollar Meltdown" with insights,indeed

Easy Money, high rollers and the great credit crash By Charles R. Moore,a lawyer and a former banker. Public Affairs, New York. 2008 $22.95

We are encountering the most reckless financial world. The astronomical leverage at large banks and their hedge fund and private equity clients realistically generates massive disruption in global markets.
The arcane and esoteric financial institutions, the chicanery, the erroneous policies, the delusions that caused the credit bubble in the name of globalization.
Wall Street's prosperity tilted into over abundance of excessive blunders. The US$ has been debased and stock market has been shattered. Concealment and downplaying by leaders will beget the crises to more crises for the short run to the long run. My comment: I hope such scenario would be an error because we are in the same boat!
International economics has been put on the edge to be reflected in political economy in the 21st century. Economics in action with politics,indeed!

The rise of Sovereign Wealth Funds(SWF)
Qatar has stake in the British banks such as HSBC and Standard Chartered and in European Air Bus.
Chinese funds are reportedly in negotiation with American private equity firms such as Carlyle Group which has been a high-priced retirement home for notables like George H.W. Bush, James Baker, John Major(Page 102)
The creation of the Chinese SWF by itself will raise US interest rates by half %, just by the implied diversion of fkunds that previously flowed into US Treasuries. (page 104)
The French middle classes have smaller houses and cars than American peers, but better diets, considerably more leisure time and much more economic security.

RE: Taste,Balance and Judgment: Watch China's economic system in action: market driven or government-centric under China's market system with special characteristics i.e. Socio-Economics as I would envision.\

Francis Shieh a.k.a. Xie Shihao, a lifelong student in economics to keep abreast with the real world,not in my dream! March 4, 2008