Financial Crisis reshapes world order

Washington Times, Oct.12,2008 Headlines on page A1 and A9:
Developing nations gain the upper hand: The emerging markets are actually now the world's creditors. The Group of 20 including China, India, Russia and Brazil.
With China and other Asian markets supplying much of the liquidity that keep the US economy afloat, the economic meltdown could signal a rearrangement of the pecking order of institutions like the IMF and the World Bank.
The US Head of the World Bank argued explicitly for a larger steering group of nations to replace Western industrial powers at WB and IMF. Equal opportunity at work soon?

CASS i.e. Chinese Academy of Social Sciences estimated GDP in China will grow at a 9.5% while recessions appear in the nations in the West. I had the opportunity to be a Visiting Consultant at CASS in 1986-1987 in Beijing,China. "Sinologists of the World" published by CASS in 1994: It listed US sinologists with expertise in the Chinese Language and Philosophy. It is useful to study comparative philosophy.
Page B2: Ben Franklin: Thrift: A penny saved is a penny earned. Return to cherished value as the Editorial on Oct.12, 2008. I visited Shanghai,China and noted such behavior of the folks in China to share the common value from Confucius/Mencius. Ben Franklin in USA and Confucius/Mencius in China had common ground of frugal living. Perhaps such is another aspect of Sino-American Economics in the 21st century.

Francis Shieh a.k.a. Xie Shihao, a lifelong graduate student from China in 1947 to study economics,languages(Chinese and English) and comparative philosophy.

Sunday, October 12, 2008 at 2.55 p.m.