Hidden Dangers to the Global Economy: Smick is one of the most insightful and entertaining financial market strategist in the world. He has conferred with Alan Greenspan,Ben Bernanke and advised top US executives and investors ksuch as George Soros.
Why the churning cauldron i.e. China represents a power to everyone's pocketbook.
How greed-driven banker have put everyone's pension at risk.
Why Russia, Chinese, Saudi ksovereign wealth funds represent a tectonic shift in global financial power away from the US,Europe and Japan.
Lawrence Summers, former Treasury Secretary and President of Harvard said: "David Smick understands international finance that depends on politics and passion as much as on policies."
Page 117: "New Chinese Middle Class not only equals about two thirds of the total American workforce, but their standard of living already resembles the average American living standard because the Chinese equivalent of a dollar goes a long way in China. Shanghai apartment dwellers pay $5 monthly fee each for cable TV and phone service. A personal computer cost $200. My comment: My sister can afford to hire domestic helpers to clean, cook, and do valet services. In US and Europe middle class households and the majority do their own cooking and cleaning. In the next decade economic strategists expect an additional 200 million Chinese to participate in the middle class lifestyle.
Page 118: China's future looks bright."
The above citations are identical to my way of reasoning for several years and I am delighted to read such passages to confirm my thoughts to be in Shanghai in August 2008 and in the future months.
Francis Shieh a.k.a. Xie Shihao. A stormy day in Metro Washington to send this blog to those who would be interested in Sino-American Economics. Sept.6, 2008 at 10.30 a.m.
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