Washington Post, Sept. 20, 2008 Page D1,D6:
Andy Xie,an independent economist( no relation with Francis Xie,another independent economist) who was formerly Morgan Stanley's chief Asia economist said:" United States needs to accept that a large amount of US assets must be transferred to other nations' ownership. If the U.S. is not willing to accept that,they will have to print money and the dollar will fall. And we will be headed towards a global financial meltdown." I would be inclined to decline such negative scenario. However,the Equation of Exchange or Quantity Theory of Money i.e. MV=PQ must be honored in the academic community. Moreover,Irving Fisher died as a poor investor. That is the irony of economics and the uncertain fate of economists.(sic)
Page D3: The costs of the program are high, and questions remain about how quickly Congress will be able to act. There is $800 billion in sub-prime and other types of high risk loans on the books of financial firms around the world, most of it on U.S. balance sheets,said Brian Bethune, chief US financial economist for Global Insight. Conceivably, they could do it. It is not outside the realm of possibility, but it is going to require a lot of rapid footwork here. Bethune said.
In Pin Yin,such comments would be: "xun su de zu zuo" Xie Shihao said." Xing bu xing?" That is the query of queries. "Yao yu xin xin" would be the answer of answers." Have faith,hope and LOVE,the words to live by ad infinitum.
Francis Shieh a.k.a. Xie Shihao,thanks from a hero of poetry on Saturday,Sept. 20, 2008 at 2 p.m.
Francis Shieh(xie) a lifelong student of economics in action in true action nowadays!
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