My trip to China

I arrived in Shanghai on Jan.22,2008 and stayed at JinJiang overnight and took a new train of Harmony to Nanjing Jinjiang Hotel on Jan. 23, 2008. At present,I am at an internet bar near Nanjing Jingjiang Hotel. Francis Shieh a.k.a. Xie Shihao on Jan. 24, 2008 at 8.08 a.m.

Legal Holiday: Martin Luther King Jr. Day

Dr. King is the religious and civil leader of Civil Rights Movement for racial harmony. I salute him for his dreams to come true for all Americans as our rights in 2008 and beyond... In China,a harmonious society is stressed for the wellbeing of PRC with my endorsement as well. China has joined international community for all endeavors as we have known for religious policies and statement of leaders to be aware of such needs for all citizens. Cf. Washington Post,January 20, 2008 on page A21. Freedom of Religion is part and parcel for harmony of all folks in spirituality.
On C-Span Radio this morning,I heard the presentation of the President of Brookings Institution,former Deputy Secretary of State(1994-2001) on his book,"The Experiment" He stresses globalization to be necessary to try to solve problems in the future by the next president of the United States with the existing United Nations. Both USA and China are permanent members of the Security Council of UN and both nations must work for the best interest of member nations for peace and development. I would support such objectives as a lifelong student of international economics. Francis Shieh a.k.a. Xie Shihao on Monday,January 21, 2008.

China's Leader puts faith in religious:WashPost1/20/08

President Hu sees growing spiritual ranks as helpful in achieving social goals: Page A21- China seeks to get along better with the increasing numbers of Chinese who find solace and inspiration on religion. Religion can also be useful in encouraging social harmony because it urges its followers to hew to a moral code. In recent months, the momentum toward friendly Vatican ties seems to have revived. Two bishops were ordained with papal approval last month, following on the appointment of a Vatican-approved bishop for Beijing in September. Regular quiet contacts have been made between Vatican and Chinese diplomats. The survey found 40 million Christians and 12 million Catholics. My comment: Catholics are Christians with ecumenical unity to make contribution to social harmony in China. The Pope has authority in faith and moral code for Catholics in different nations. President Kennedy was a Catholic but still an American President. Chief Justice Roberts is also a Catholic with other 4 Catholics in the Supreme Court but they are Justices of the Supreme Court of the United States of America. It is important to learn that religion is a personal private matter of faith and China encourages freedom of religion including all Christians. Such news is published in the People's Daily Overseas Edition and reprinted in The Washington Post on Sunday, January 20, 2008 on page A21. Francis Shieh a.k.a. Xie Shihao1/20/08

C-Span Radio on Jan.20,08 re Gerald R. Ford

A seasoned journalist published a book about former President Ford in President Ford's Museum in Grand Rapids,Michigan. The book is one of the best sellers listed at The Washington Post and New York Times. Ford was the 38th president from 1974-77. He moved to Grand Rapids when he was 2 years old. Decades later, He entered the House of Representatives in 1949 and spent 25 years in the House as Congressman. I knew him in Grand Rapids when I taught in a college from 1961-1964 before accepting an offer to The RAND Corporation to do research in economics and taught Chinese to Richard Moorsteen who published "Remaking China Policy" in 1971 by Harvard University Press. Moorsteen's insight has been realized in US-China relations after several decades at present. The current proper US-China relations may be attributable to the late Moorsteen,the distinguished economist with vision. Grand Rapids,Michigan is the birthplace of Michael C. Shieh of USAF. During the funeral of President Ford at the Cathedral,Francis Chris Shieh of USMC Band played viola for such occasion on TV in 2007. Today's C-Span brings back my memories of President Ford with the remembrance and participation of Shieh family members. Francis Shieh,an octogenarian on Sunday,Jan.20, 2008

Chinese New Year Resolution(Spring Festival) Feb.7, 2008

Three Guidelines as pointers if accepted? If rejected,it would be pointless. Nobody would impugn such tautology or oxymoron.
1. Consolidate the very embodiment of good demeanour with affability.
2. Be reliable in dealing with friends and family members.
3. Show respect to others with sincere compliments.
Start the new year of the rat with agility and alacrity as Mickey Mouse with moxie.(pep for Xie)
Please be reminded of Abe Lincoln's writing in 1861 that he relieved General John Fremont from his command in Missouri because his cardinal mistake is that he isolates himself in seclusion. We are expected to be gregarious as folks in China. Rats are usually hidden but rats come out for Chinese food that is so delectable and delicious. This e-mail is sent to you in the light vein with humor. If you can detect my humor,thank you. However,if you respond otherwise,I thank you more for our normal difference as individuals do differ. Hehehahahoho all the way and we shall have longevity as my nickname of "Changsheng." Have a great day,everyday. January 19, 2008

Americans love to collect Morgan Silver Dollars

No other coin conjures up so much of the romance and history of the United States. It was intended for the export trade to China and minted for all practical purposes. During that time,a worker's weekly pay was $5. For comparison in 2008,the pay is way up to about US$1,000 per week. In other words,$200 per day. Therefore,One Morgan Silver Dollar is equivalent to the purchasing power of present US$200 as PPP(Purchasing Power Parity) The American Journal of Numismatics: Collectors should not waste their time collecting varieties, but should concentrate only on Morgan Silver Dollar. In 1950, there were call by banks for Morgan Dollars for use as holiday gifts and souvenirs. For my recollecton, 1950 is the year I earned my graduate degree from Georgetown University Graduate School with my classmate Charles L. Schultze,former Chairman of Council of Econmic Advisors under President Jimmy Carter. It is 2008 now after the passing of 58 years. Times goes fast like an e-mail. Francis Shieh a.k.a. Xie Shihao on January 19, 2008 with reflection of American history and my own academic history as a lifelong student of economics from China.

Health Care: Common ground for USA and China

Wall Street Journal,Jan. 18, 2008: China closes in on US as largest web market. From 137 million to 210 million. A12: We are all Keynesians now. Such heading is similar to my past blog of aggregate demand and aggregate suppy to be intersected with inflationary and recessionary gaps that we are experiencing right now. The most important economic issue facing us is health care. Costs and rising prices (overall inflation)are the concerns of folks in USA and in China as well.Invest in China's Housing. On page W1: Americans acquire luxury homes in China.
The Economist magazine,Jan. 18, 2008 issue: Page 36 - Executions in China: The bullet or the needle(more humane?) The offences include murder and other violent crimes, but also smuggling, drug trafficking and many economic crimes such as bribe-taking, embezzlement and tax evasion. US Supreme Court began hearing a case brought by two condemned inmates in Kentucky, alleging that injections can cause agonizing pain, and thereby violate constitutional bar on cruel and unusual punishment. My comment: A bullet may be the fastest way to go?! Chinese folks believe strongly in the notion of "a tooth for a tooth " and "a life for a life." "Yi ming di yi ming" with "yi ya huan ya." What happened to the tiger in San Franciso Zoo? A human tooth cannot compete with the teeth of a tiger. This is supposed to be a joke with literal verbatim. Francis Shieh a.k.a. Xie Shihao. January 19, 2008

Promoting good health(wellness) in US and China

Technology has changed the face of health care. Once relegated only to the hospitals or medical center, today advanced technology is now coming into homes and helping patients stay connected to medical care right from homes. Using a system called Health Buddy, a patient can check in with health care provider daily by using a small box hooked up to his phone line. By answering a series of simple prompts and using plug-ins such as blood pressure cuffs, scale, or heart rate monitors, patients can manage chronic health conditions with fewer doctor's visits.
In China,from CCTV-4 News,community centers are established for patients to go to community center to save cost with convenience.
Either in USA or in China,folks are better served by the new ways to maintain health so that we can live to be centenarians. However,it may not be optimal for folks with poor health,they would need caregivers. Such costs may be high in the 21st century. If the cold weather makes it difficult to exercise outside,consider using a mini stationary bike in the USA but folks may be brave to go out to ride real bikes in China. Folks are folks and folks have common interest to keep good health under varied conditions. I just heard from WTOP radio broadcast Ad about Tiger Balm which may be used as a panacea for all kinds discomfort to keep virus away(sic). Tiger Balm brand is very well known in China and Asian nations. It is good to know that such product is marketing now in USA for American consumers. Francis Shieh a.k.a. Xie Shihao on Saturday,Jan. 19, 2008 at 6.28 a.m. I am sending this as my blog for public interest as a public sector oriented person from my educational background.

CCTV-4 News:UK Prime Minister Brown visiting China

It is so gratifying to learn good relations between China and UK and vice versa. China has joined the international community with openness for economic development and to make contributions via trade for globalization. Such relations bring back my family history of my grandfather's business with British insurance firm as the first Chinese to be involved in Shanghai in the 19th century. As the result of such dealing,my father had the opportunity to study and to teach at Anglo-Chinese College in Shanghai for many decades. Moreover,my uncle joined AIG as an auditor for four decades with the insurance business of my grandfather. My uncle told me the history of my family when I visited him in Shanghai. He missed to be a centenarian and left this world at the age of 99. In other words,my family made history with the British and I am now witnessing the revival of good business with UK with fond memory. It is also good to learn that Olympic games will be held in Beijing,China in 2008 and in London in 2012. I am flying to Shanghai via NWA on January 21, 2008 and shall be a guest in Jiangsu to see farm living for the Spring Festival as I did in October with intellectual satisfaction.Cf. www.baidu.com for my activities in a school. I was told that Shanghai parents would prefer to send their offspring to study in Jiangsu for better schooling with strict discipline. Francis Shieh a.k.a. Xie Shihao on January 18,2008 at 8.32 p.m.

Citigroup lands contract for DOD Travel:Washpost 1/17/08

Citigroup, the biggest US bank by assets, will provide travel charge-card services to DOD. The contract is valued at $40 billion over the next decade. Stimulus package in anticipation for peace with cost apropos of humor for insights!?
Wall Street Journal,January 17, 2008 on page A8: Rising prices in USA.
On page 14,Rising prices in China. By coincidence,such happenings occur via serendipity or otherwise by design or by incident. Oil or Food prices?
Both nations are facing inflation. There is the common ground of Sino-American economics to try to resolve such problems in the days to come by leaders with consultation to economists of both nations. Technically speaking,it is a matter of adjusting the aggregate demand and aggregate supply to reach the target as optimum but there are expansionary and recessionary gaps from the Keynesian Cross. There are cross streets in China so such model can be used as references for both nations. Such ideal situations may be found in textbooks. In the real world,humans are calling the shots and there is a need of good leaders to handle good policy for the benefit of the folks in the days to come. Let us watch the empirical evidence in the days to come via global outlook. My comment rests here. Francis Shieh, a lifelong student trying to learn economics. Xie Shihao on January 18, 2008.

US Treasury sells Chinese New Year Money collection

Lucky Money Note: This New Year, share a gift of good fortune and success with this $20 Lucky Money Note. This product features a serial number beginning with "8888" on a crisp, uncirculated $20 note, the highest denomination ever offered as part of Lucky Money Collection. It is enclosed in an attractive folder festively adorned with Chinese symbolism featuring bamboo and the giant panda. Item #1555 $39.95
$5 "8888" Prosperity Sheet: This unique 8-subject uncut currency sheet is represented by the 8th Federal Reserve District, St. Louis, and contains additional eights in the upper and lower right and left hand corners of the notes to indicate the Federal Reserve dssignation. A Chinese Zodiac information sheet accompanies this must have addition to our Lucky Money Collection. Item # 1530 $88.00 Call 1-800-456-3408
$2 Double Lucky Money: As the Chinese saying goes,"good things come in pairs." May this $2 Double Lucky Money set bring you double happiness in the New Year. This is availablle during 2008 and is limited to 4,888 sets from the Bureau of Engraving and Pring of the Treasury Department of the United States.
Item #1564 $48.88
Year of the Rat: This product is limited to 68,888 notes available for sale
Item # 1648 $5.95
I am a promoter of good Sino-American Economics i.e. proper US-China economic relations. Francis Shieh a.k.a. Xie Shihao. January 17, 2008

Too much private interest leading to jail:WashPost,1/17/08

Ex-CEO gets 21 months for tampering with options. Gregory Reyes was found guilty on 10 securities fraud counts. As I sent my blog in the past,greed may be the issue for too much private interest and too little public interest! Any society should have balanced public and private interests. Where is the optimal point? Depending on lifestyle and morality. The lifestyle of the Chinese folks are different from those folks in USA. REASON: Chinese education with Chinese philosophy and family tradition and custom would differ from educational materials in schooling plus media impact in USA. There are American influence in China such as McDonald being liked by kids. Fast food may be unhealthy as we are aware of such cases. There are several greedy folks in China as well that are caught by authorities for corruption exposed to media. Francis Shieh on Jan. 17, 2008

The China Study by Campbell ISBN 1-932100-38-5

The book is endorsed by Nobel winner, a professor of physics at Cornell University. The science is clear. The results are unmistakable. CHANGE THE DIET to Chinese food such as bean curd and Chinese veggies. One may reduce one's risk of cancer,heart disease, diabetes and obesity. By any measure, America's health is failing. We spend far more, per capita,on health care but 2/3 of Americans are overweight. The issues all come down to 3 things: Breakfast,Lunch and Dinner. Chinese meals all the way for your own health for living longer as centenarians! Francis Shieh a.k.a. Xie Shihao on January 17, 2008 Health is human capital field of economics.

Washington Post,1/16/08: Double hit for the economy

Business Section on pages D1,D3: Citigroup's loss and lower retail sales: China's source of money is its trade surplus with United States and other nations. My comment: Consumers in the world would like to buy inexpensive products of good quality from China. "In the past, China poured much of its surplus, estimated at 1.3 billion, into US Treasurys. Now it is seeking higher returns and a more diversified investment strategy. On Sept. 29, it took $200 billion from its surplus and launched a sovereign wealth fund. One of Wall Street's biggest names, private-equity giant Blackstone." My comment again: Ponder the expected US-China or Sino-American economics in action. Positive ways would be for mutual benefit of USA and China otherwise both nations would be hurt. It is the Economy leading to other relations as I would envision in the days to come. Folks with sense would understand such relationship in the 21st century. Francis Shieh a.k.a. Xie Shihao on January 16, 2008

Chinese New Year starts on Feb.7, 2008

Be happy and go lucky! What are the hopes for the Year of Mickey Mouse? Jimmy Carter was born in the Year of the Rat and he officially started diplomatic relations with China decades ago. Mickey Mouse is a product of Walt Disney who is the founding father to make folks happy in Disneyland and Disney World. We should be happy if we know this year is also the Year of Olympics in Beijing, looking forward to Expo 2010 in Shanghai,China. Harvard psychologist Daniel Gilbert has made it his life's work to understrand why folks not only make errors in predicting what will make them happy but also why they make the same errors over and overe again. My way to be "Gao Xing" in Pin Yin for cheer and joy if we have the thoughts of "bi shang pu ju, bi xia you yu" In other words,we should be satisfied with our present status. We are neither high-rollers nor paupers. Would we be happier if we were richer? It is a state of mind. I would be happier when I teach with an opportunity to exercise my brain for my intellectual endeavor as my goal for happiness with devotion since 1945.My equation: Happiness is not material consumption over desire only but must add intellectual pursuit, spiritual satisfaction plus good health as the numerator and desire as the denominator in a simple fraction. However,other scenarios would be welcome with your feedback,please? Francis Shieh a.k.a. Xie Shihao on January 16,2008 to look forward for the Spring Festival in China with memories of my youth apropos of frank innocence and child-like naivete. Francis(Frank as diminutive) Shieh a.k.a. Xie Shihao, i.e.thanks from a hero of poetry in name only(sic) with ideas and ideals as a lifelong student with scholarly delight. Jan. 16,2008

US Admiral Keating is optimistic:WashPost,1/15/08

Page A10- Sino-American Economics: Admiral Keating said the two sides focused on future events and operations, including an invitation to the Chinese to participate in a multilateral military exercise in Thailand in May 2008. He was given assurance that US Navy would receive favorable consideration for another visit to Hong Kong soon. Here is another evidence of positive US-China military relations resulting from economics.(sic) Francis Shieh. Jan. 15, 2008
"Bo ai" in Pin Yin system of romanization in Chinese means universal love among nations for global peace and development including friendship between USA and China. From astute observation,two nations must look for opportunities to lighten the atmosphere with wisdom for the mutual benefit of peoples of two nations in the nuclear age. Philosopher Erasmus:" In the land of the blind,a one-eyed person is the emperor." Beware of folks with only a petty vision leading those who have none. Such expression deserves our profound thought for globalization aprops of peace and development in the 21st century. Francis Shieh a.k.a. Xie Shihao. January 15, 2008

Neuro-Economics and Nobel in Economics et al

Economists have long understood that humans never actually behave accordingly to quantitative equations. Here is the reinforcement of Professor Galbraith's line of reasoning of non-mathematical approach. Professor Paul Glimche has studied individual neurons to try to unravel the secret of how people calculate expected utility, or the satisfaction that they believe a particular outcome will deliver. My comment: Individual varying preferences plus custom,tradition as lifestyle of the folks should be taken into consideration. Neuro-economics is a combination of psychology and economics. Labor economics is an area where behavioral economics is going to be significant. "Keys for Economic Understanding" deals with labor motivation via training of marketable skills as exemplary case studies. Such work is listed at www.ask.com for reference. On page A21, January 14, 2008 Washington Post Sabastian Mallaby wrote the following with comments:
"Last year's Nobel Prize in economics,which went to three founders of a field known as mechanism design theory. Mechanism designers study the rules by which people with varying preferences can reconcile their interests. The first step is often to induce people to revel preferences fully, so that a compromise that is best for everyone can be arrived at. Eric Maskini, one of last year's Nobel Laureates for mechanism design, will suggest how a better system could do that in a lecture at Georgetown University. Maskin's argument is that voters should list candidates in order of preferences so we would not have to guess whether Clinton would have beaten Obama in a two-person contest.Instead of this common-sensical system, we have a farce: On the basis of a three-point margin over Obama that tells us little about which of the two candidates voters actually preferred, Clinton has transformed her prospects. Maskin and other election theorists have explained this absurdity for years. Surely the recognition of the Nobel Prize should now persuade the world to listen. My comment: The readers are entitled to make comments as well. Francis Shieh on January 15, 2008

Day of Reckoning: Washington Post,1/13/08 P. F3

The takeover of the nation's largest mortgage lender, Countrywide Financial, by the nation's largest bank, Bank of America, had all the earmarks of a rescue effort encouraged and blessed by regulators. Merrill Lynch and Citigroup were reported to be trolling overseas for big equity. My comment: Globalization is in action, and Sino-American economics would be revealing in such deals. The nervousness on the part of industry executives and economic policymakers is now almost palpable. Treasury Secretary Hank Paulson, acknowledging that the housing crisis has not hit bottom, promised to move quickly on a proposal for an economic stimulus package. And the chairman of the FED made clear that the central bank stands ready to lower interst rates and inject even more money into the banking system. Alan Greenspan said that recession is here or about to be here as per WTOP radio broadcast on January 15, 2008. How deep will it be? It is still too early to say. My comment: I sent my blog several months ago as my prediction. The severity of stagflation remains to be seen apropos of empirical evidence. Today is M. L. King's real birthday but it will be officially observed on Monday,Jan. 21, 2008 for a long weekend. I wonder if such modification would be acceptable to the late Martin Luther King? Well,he is not in this world and the folks in charge make decisions. Economics or otherwise,the decison makers make decision as known to all seasoned observers. I am a lifelong student searching for knowledge and wisdom as an octogenarian. But such search is endless,similar to surfing on the web for knowledge!? Hehehahahoho all the way and we shall live to be centenarians! Francis Shieh, a.k.a. Xie Shihao on Tuesday, January 15, 2008

Economist magazine,Jan.5-Jan.11, 2008

Page 75: Economics focus- An old Chinese myth: Contrary to popular wisdom, China's rapid growth is not hugely dependent on exports. The American government frequently accuses China of relying excessively on exports. But David Carbon, an economist at DBS, a Singaporean bank, suggests that America is starting to look like the pot that called the kettle black. In the year to September, net exports accounted for more than 30% of America's total GDP growth in 2007. Another popular belief looks ripe for reappraisal: it seems that domestic demand is a bigger driver of China's growth than it is of America's. My comment: Consumption sector occupies 2/3 of GDP in USA and in China as well from the rough estimates.(sic)
Page 90: Stockmarkets in emerging economies made handsome returns last year, with most gains looking prettier still when measured in dollars. Of the stockmarkets featured on this page, China's leaped the most, rising by almost 100%.
Page 80: The importance of economics: A black and white case by Thomas Sowell, a professor at Stanford University. "Economic Facts and Fallacies." in the title of the book. Basic Books; 262 pages, $26: Paul Krugman in the New York Times is trying to drag conomics back into the mainstream. The subject needs to stay there i.e. economics lies at the heart of many political issues. Sowell argues now. I have sent my blogs on the nature of Political Economy in the past. Many folks will be infuriated by the arguments in this book. But is would still do them good to read it. My comment: A case of black and white? What about grey color such as Yellow and Brown in the American economy? Food for thoughts!? Francis Shieh. January 14, 2008

US Commander in the Pacific Timothy Keating is visiting China

It is great to learn that US Navy Top Commander is visiting China,Beijing,Shanghai and Guangzhou until Jan. 16, 2008. It is another evidence of mutual cooperation and collaboration to make joint effort to fight Terrorism as the common goal in the 21st century. As a lifelong student of economics,I would envision the defense effort of two great nations on both sides of the Pacific is another reflection of economics of globalization in the days to come for mutual benefits. Thank you and have a great day! Any scenarios with wisdom would be welcome as academic discussions for educated folks to study Sino-American Economics in the true light. Francis Shieh a.k.a. Xie Shihao with my passion and interest as an observer for proper relations in the nuclear age with positive vision. January 14, 2008

Ponder the consequence of US economy in the future

Washington Post,Jan.12,2008 page A16- A letter from Michael Brown of Columbia to the editor: "NO TAXES, NO TOMORROW - Robert Samuelson (op ed,Jan.9) stated that a Congressional Budget Office report projects that Social Security, Medicare and Medicaid could easily grow to 70% of the federal budget by 2030 and that the only way to preserve most other government programs would be huge tax increases about 40% from today's levels. According to my amateur calculations, that would take us to a tax level about equal to Germany's and, from what I hear, people there don't worry about health care of having a decent life in old age. The fact is that we live in a country with low taxes, and politicians should let it be known that if we want to keep it this way, we will have to forget about our children's future." My comment: As we are paying high cost of energy and health care,we are already having economic problems right now. Well,let us wait for the State of the Union to learn the panacea that the President will tell us on January 28, 2008. We have learned the wise expression: political necessity of official optimism. Be optimistic and everything is going to be alright. Honey child! Hehehahahoho all the way and we shall live to be centenarians plus to get the benefits in the years to come ad infinitum. Francis Shieh,a lifelong student of economics as an optimistic octogenarian. Jan. 13,2008

Defying Dixie: The Radical Roots of Civil Rights,1919-1950

Author is Glenda Elizabeth Gilmore,Yale history professor. Norton. 642 pp. $39.95 Reviewed by Raymond Arsenault, Professor at University of South Florida and author of "Freedom Riders: 1961 and the Struggle for Racial Justice." Published by Book World,Sunday,Jan. 13,2008 in The Washington Post. Diversity is good economics in USA. Full utilization of all Americans to promote economic growth is top priority to support and defend the Constitution,the supreme law of the land. Such commitment is part and parcel for social justice in the 21st century as the world is watching!
Forgotten Revolutionaries: How Southern communists, socialists and expatriates paved the way for Civil Rights. 1,200 people turned out for a 1933 rally in New York City for the Scottsboro boys, organized by the International Labor Defense and backed by the Communist Party. In the conclusion of the review: "No one who reads this eye-opening book will come away with anything less than a renewed appreciation for the complex origins and evolution of a freedom struggle that changed the South, the nation and the world." Here we can detect that Sino-American economics is resulted from the Long March for justice leading to the establishment of the People's Republic of China. Such liberation movement started a new China in 1949. Needless to say,current on-going US-China economic relations are attributable to PRC's economic achievement to replace KMT as the leading party for China. However,KMT in Taiwan won the election over DPP on January 12,2008 as evidence of folks in Taiwan to support the KMT's aim to have good relations with China over the so-called independence movement condemned by the United States as provocation to peace and development in Taiwan strait.
Francis Shieh,a lifelong student of economics desiring to see peace with harmony for all ethnic Chinese on both sides of Taiwan strait with economic development in East Asia and the world. January 12, 2008.

Harmonious conditions in USA/China via economics

Some would be receptive to sage wisdom,others pretend to listen. Everyone is different for his/her perception and reception. Knowledge is intellectual clout. Brainpower would influence future generations in the academia. Adaptability should be the hallmark in this mundane world, even though we see the inequities due to human frailties. However,if we elevate our mindset to a sublime level with intellectual conviction,we would be getting economic utility as our joy in life. Money and fame come and go but our good legacy will remain forever in the minds of thinkers. Gaining knowledge by leaps and bounds with our faith for spiritual happiness apropos of eventual eternity. John Steinbeck once stated "ideas are like rabbits. You get a couple and learn how to handle them, and pretty soon, you have dozen." I would add ideals in the minds of thoughtful folks to be intellectually satisfied with our ultimate goal for meaningful lives as our contribution to our society within our lifespan. We strive to be magnet with magnate. Aim higher than we reach our desired destination. Our verbal and writing skills would translate and transliterate whatever languages,English or Chinese with proper culture,American or Chinese in the name of humanity in the 21st century.
Francis Shieh, an octogenarian to live and learn a.k.a. Xie Shihao. January 12, 2008

State of the Union will provide stimulus for US economy

WTOP Radio on Jan. 12,2008: President Bush will provide details of the stimulus package for US Economy. Let us wait for such decisive action soon.
Washington Post,Jan. 7, 2008 Editorial: Lifestyles of the Cultured i.e. At the Smithsonian, another bigwig was good to himself, with your money as the heading.
Former Deputy Minister Gao,Ministry of Culture in China stated that economics without culture is the economy with soul,the heading for his speech at the Library of Congress in December 2007.
My comment: When the leaders in USA/China have public interest as mindset instead of private interest only, the folks would respect them. However,if someone pays too much attention to his own vested interest,the public would not condone such selfish behavior. The truth will be out via public opinion in USA/China. I remember the line: If a person gains the whole world and loses his/her soul,he/she has nothing eventually because we are expected to make contributions in this mundane world. It would be wise to remember that our body will pass away but our soul will be immortal. Ethics and Morality should be stressed at home and in business school for the best interest of any society. There is the meeting ground of socio-economics i.e. both public interest and private interest may be balanced for an good economic society. Adam Smith was a professor of moral philosophy and Confucius/Mencius stressed morality and ethics in the field of moral education. Since the terminal degree in economics is Ph.D., Doctor of Philosophy, economics students should study moral philosophy in USA and in China as well. Food for thought for all economists. Francis Shieh,a lifelong student of economics. January 12, 2008

Stimulus unlikely to counter rise in oil prices

Washington Post, Jan.11, 2008 page D1,D3: William Nordhaus, a Yale University economic professor said:"By paying more for oil,Americans have less left to save or spend. It is clearly contractionary." I agree with this statement in toto. Kenneth Rogoff, a Harvard University econ.prof. and former chief economist at the IMF made a similar estimate: The price of oil rising even from $80 to $100 a barrel is like adding $150 billion in taxes. It is quite a wallop. Americans say the economy is poor as published on page A9 re economic jitters demand candidates' attention. The stock market is down again as of Jan.11, 2008.
Soaring oil prices act as a double-edged sword: Higher oil prices not only slow growth but also add to inflation,raising the specter of stagflation like that of the 1870s. My comment: I sent my blogs to the past with the same thought. "The price increases and consumer spending are both recessionary and inflationary" said Allen Sinai,chief global economist at Decision Economics. My comment: There are gaps due to the shifting of aggregate demand and aggregate supply curves. Sinai blames policymakers for not reducing energy consumption and we have not had the sense of urgency we should have had. My comment: The lifestyle of the Americans are different from custom and tradition of the Chinese in many ways. Such differences have caused credit problems. The decision makers in China are facing similar problems as American policy makers in the name of inflation. Francis Shieh. Jan. 11, 2008

Atlantic magazine,Jan.-Feb.2008 issue:USA-China

James Fallows is the author. His blog: Jamesfallows.theatlantic.com
The 1.4 trillion question. Our risky debt to China on pages 36 sqq.
Stephen Schwarzman's perceived offense is greed. He is the CEO of Blackstone Group with 3 billion of China's national savings into the IPO of America's best known private equity firm. Laobaixing(Pin Yin for ordinary folks) in China and everyone in the US gave to the crony of the President at Yale.
Page 48: Without China's billion dollars a day, the US could not keep its economy stable or spare the $ from collapse. China has mostly parked in US Treasury notes. In effect,every person in the US has the past 10 years or so borrowed about $4,000 from someone in the People's Bank of China,the central bank as the FED in the USA.
Page 44: Spent at CVS passed to Oral-B, paid to the factory, surendered to PBC, then bid at auction for Treasury Notes our dollar. My comment: Official Government Papers with confidence guaranteed by faith and credit of US Government is safe investment for all. China has issued papers as well. Government securities are safe because they are backed by the governments of USA and China. My overall review of such a feature article: The article has details with insights but the view of the writer presents negative scenarios apropos of Taiwan and other issues between the USA and China. I wish to remind readers that someone said:"It is the Economy,Stupid!" Economics is the top priority of a nation in the macro view but it is also a top priority of individuals(Micro) for all folks on earth. I am inclined to be optimistic about Sino-American Economics by virtue of mutual benefit as a lifelong student of economics. I pointed out in "Work and Study Cycle Theory" that both USA and China must work together for humankind in the 21st century in economics. That means problems can be solved by decision makers when they are aware of the needs of USA and China. Globalization requires the study of language and philosophy for true understanding of human behavior for economic and social benefit i.e. Socio-economics for the wellbeing of society per se. Any negative scenarios would not be in the best interest of the peoples of USA and China plus folks in the world with high tech and nuclear realities. I would opt for the positive rather than the negative for homesapiens in the days to come. Economics are in the headlines in USA and in China as well. Francis Shieh a.k.a.Xie Shihao. January 11, 2008

Economics of Health for USA and China

Dr. Gene Cohen of GWU, a pioneer in human brain,published "The Creative Age: Awakening Human Potential in the Second Half of Life.": "Increasingly when we see an older person do something that is really incredible,we realize it is because of his/her age, not despite it." My comment: Maturity with seasoned experience explains such action. A blog a day keeps MD away! Creativity is very much linked to good physical and mental health in the brains. Chinese language is a form of art and art generates creativity apropos of Chinese calligraphy with intensive creative activity. Dr. Cohen is also the author of his recent book,"The Mature Mind: The Positive Power of the Aging Brain." My comment: Age is merely a number and there are new opportunities for further development and potential. "Work and Study Cycle Theory" (www.ask.com for reference) is to be validated and implemented for the aging people with the positive attitude of the changing society in USA and in China as the evidence of increasing aging population in the 21st century.
Francis Shieh,an octogenarian but I feel like a young guy as "xiaohuozi" in Pin Yin system of romanization for my mindset. I live and learn with intellectual joy,indeed! Confucius reminded us that all friends are better than myself. "Wu you bu ru ji zhe" with modesty and humility. I can always learn from others. That is my attitude to be shared with readers if accepted. Thanks and have a great day,everyday with such philosophy of life to strive to live to be centenarians. January 11,2008.

US News and World Report,Jan.14, 2008 issue

Making money on the China Boom: Page 46: America's economy is still twice the size of China's and draws strength from high education, flexible labor markets and superior innovation."The Future of Community Colleges" published by Congressional Record,July 18, 1974 is a reference for the role of higher education re the training of skilled labor to enhance productivity in the USA as labor market flexibility.
Page 50: Rising food prices sent inflation in China to an 11- year high. However,
an emerging middle class of some 250 million strong is developing a taste for shopping and travel that could mean sustained gains for firms in those sectors. Shaun Rein, a director at China Market Research Group,says 2008 will be a good year for firms catering to that market. New Oriental Education and Technology, an expanding network of test prep and English language schools is gaining momentum.
PetroChina's future looks better than the past. Firms apropos of infrastructures are well positioned to serve both developed and emerging markets i.e. USA and China.
Page 54: Investors pile into BRIC countries i.e. Brazil,Russia,India and China. That remains to be seen for the outcome of such investments.
Francis Shieh a.k.a. Xie Shihao. January 10, 2008

Health care tops list of solicitous concern of US and China

Medical problems are identified as the No. 1 issue of most citizens in US and in China as well. Leaders in both nations grapple with a growing gaps between rich and poor and an existing health care system that has failed to keep up with the demand spurred by needs of the folks. China's economy has rapidly developed, health care coverage has not expanded correspondingly. In China, hospitals have been pushed into a market oriented system, selling medicine has become a major source of revenue which causes medical expenses to rise. In the United States,the market system has been in existence for many decades but pharmaceutical firms are making excessive profits as leading candidates have been contending such to the voters before Presidential election in November 2008. Here is the common ground for the USA and China in 2008 and beyond...
Washington Post, January 9, 2008 issue on page A15: Social Security, Medicare and Medicaid - three programs that go to older Americans representing more than 40% of federal spending. Congressioinal Budget Office projects that these programs could easily grown to about 70% of the budget by 2030. Food for thought for domestic priorities other than defense and other related costs.
Francis Shieh a.k.a. Xie Shihao on Thursday,January 10, 2008.

100 pages of music, no problem:Washpost,1/9/08

On page C14: "When Yuja Wang was 14 she moved from Beijing,China, half way around the world to Canada. Her parents stayed in China. Since leaving China 6 years ago, Wang has played all over the world. She will be at the Kennedy Center on Jan. 26th. Wang practices two to three hours a day for two weeks to memorize 100 pages of music." My comment: When I consulted my advisor at the Graduate School at Georgetown University in 1948,he asked me if I had to memorize all the Chinese characters in school. I remember that training of persistent memory work since childhood is the requirement for all schools in China. Such commitment generates success in our later careers especially the philosophy of life from Chinese classics. In other words,success entails hard work for memorization. Perhaps such habit is one of the reasons of success of Chinese in every nook and corner in the world. In the United States,such memorization does not seem to be stressed but having other ways to encourage children to have independent thinking leading to success as well. Teaching and learning methodology deserves to be commented. Any scenarios? Francis Shieh,an octogenarian recalling back in my schooling in China to study Chinese and English for bilingual training and my graduate studies in the United States in English since 1947 with my daily habit of living and learning in the American society as a lifelong student with zeal. Xie Shihao on January 10, 2008 at 6.40 a.m.

US economy and China's economy

Washington Post,Jan.9, 2008 page D5: Wall Street skidded lower in another erratic session as investors worried that the tumbling economy may cripple not only mortgage lenders but also create problems for such firms as AT&T. My comment: As I sent my blogs in the past,Inflationary recession or stagflation would be upcoming. Let us wait and see the empirical evidence in the days to come.

On page D8: The spending choices for China's rich are multiplying as fast as the world's fastest growing major economy can mint new tycoons.
In the latest sigh of China's rising upper crkust and its growing appeal to international marketers. Robb Report, the best of the best for the richest of the rich, is making its pitch with a language edition in Shanghai. Sustained economicgrowth especially a boom in property development and export manufacturing has breated piles of private wealth in recent years, and a class dubbed "Xin Gui" in Pin Yin as New Nobility. Such report is designed to attract wealthy readers to learn the finer points of conspicuous consumption.China had 345,000 people with financial assets of $ 1 million+ in 2006,according to a Merrill Lynch CapGemini report last year.

Ronad Reagon's statement for our thought re Microcosm

Several decades ago,President Reagan made a statement at Moscow State University: "In the new economy, human invention increasingly makes physical resources obsolete...Even as we explore the most advanced reaches of science, we're returning to the age-old wisdom of our culture...In the beginning was the spirit, and it was from this spirit that the material abundance of creation issued forth. The laws of the microcosm in the 21st century may not be known to ordinary folks. Even the leaders who operate deep within the microcosm seem to neglect its most powerful truths. In economics and political theory plus philosophy, these laws are mostly unknown. But however slowly theory catches up to practice, the microcosm will increasingly dominate international reality, subduing all economic and political organizations to its logic. Folks with insights have agreed that the microcosm would shape the future of nations. They thought it would demand great collective efforts and masses of capital." My comment: Global warming is a case of point at issue nowadays. In the computer age,we would understand such usage would entail huge economies of scale, fostered by the state and the leaders with vision in the 21st century. The world is getting closer and closer and we shall expect closer cooperation and collaboration of two great nations on both sides of the Pacific namely,the United States of America and People's Republic of China in the 21st century and beyond apropos microcosm,a world in miniature. Francis Shieh a.k.a. Xie Shihao on January 9, 2008

New York Times,Jan. 8, 2008 page A6.WSJ on fish oil

China would launch 17 satellites and 15 rockets(Reuters) in 2008 to demonstrate to the world about space technology for humanity. I happened to watch CCTV-4 with the news that US would not sell F-16 to Taiwan. I sent my blog days ago apropos of peace and economic development for Taiwan straits and there is no need for such fighters to be sold to Taiwan. This decision is welcome news to folks in Taiwan because I have reason to believe that folks in Taiwan would like to have peace and economic development with mainland China in the days to come. Any sale of weapons would imply potential military activites that folks would not be interested. China is busy with Olympics promoting global peace with increasing economic activities with Taiwan as empirical evidence. That is in the best interest of folks in China as well.
On page D2: A professor of systems,political science and economics, maintains that diversity=productivity. His book will be published by Princeton University Press. China has 57 ethnic minorites and that is diversity with productivity as well plus lifestyle of Chinese custom and tradition of diligence leading to productivity.
Wall Street Journal, Jan. 8, 2008 on page D1: Omega-3 fatty acids in fish oil can fend off disease including heart attacks, strokes, Alzheimer's disease,depression,rheumatoid arthritis, asthma, psoriasis and even attention-deficit hyperactivity disorder. This sounds like panacea.(sic) Good luck for such efficacy. Sales promotion may be working for individuals with confidence.
Francis Shieh,a lifelong student of economics. January 8, 2008.

Nanjing is 189 miles (306 km) NW of Shanghai

The pleasure to revisit Shanghai with high-rise skyline, a symbol of booming prosperity, lies in observing the contrast between the civility of the buildings on oneside of Huangpu River and the glitzy towers across the water. The nicknamed Venice of the East is the canal town of Suzhou, the birthplace of my paternal ancestors. Gondola is canal boat in Suzhou. My maternal forebears were in Hangzhou. I had elevator ride to the 88th floor to the Jinmao Tower, the tallest building of China and one of the tallest in the world. Credit must be given to American architects. The cost is $540 million with 1379 foot (421 m) I had a most spectacular view with a food court in the basement and Starbuck nearly on the embankment. Early morning exercises of folks in Shanghai can be seen along the waterfront promenade of The Bund, Shanghai. The Wu dialect of Shanghai can be understood by folks in neighboring Zhejiang and Jiangsu provinces. Cang Jie, the minister of the Yellow Emperor, was supposedly inspired to invent the Chinese script after seeing bird and animal tracks in the snow. Writing was elevated to an art form and 4 tones of Mandarin are musically sounded."A Glimpse of the Chinese Language" in English is dedicated to better understanding of the Chinese language to Westerners especially to Americans since it was published in 1965 by The RAND Corporation in Santa Monica,California. RAND is known as a Think Tank to think ahead for all endeavors of humankind for better way of enrichment with more intellecual understanding in academic settings or otherwise for positive senarios.
Li Bai(AD c.701-761) was a prolific poet and Du Fu(AD c.712-770) was considered as a Confucian scholar with virtue. His poems displayed enormous erudition. My mother expected me to follow the steps of Li and Du with my given name "Shihao," i.e. the hero of poetry. In the Garden of Bai Juyi (772-846) in Loyang,Henan province,I happened to see the wooden plate with the words "Li du er xia jian shihao" thereby I discovered the background of my name. But I am not a poet but a lifelong student.
Confucianism started with Confucius (551-479 B.C. who was a thinker and teacher whose philosophy was known to stress family obligation and good government based on the principle of "Ren ye dao de" i.e. benevolence,righteousness and morality.
Chun Jie,Chinese New Year is a time when bonuses are given and debts to be settled. Chun Jie occurs with the first new moon after January 21st, which will be Feb. 18th in 2007 and Feb.7th in 2008. It so happens that my trip to China starts from January 21, 2008 to February 18, 2008 with good luck and blessings to remember custom and traditon of China. I left China in 1947 and I have been in the USA for six decades. Francis Shieh a.k.a. Xie Shihao. January 8, 2008 at 1.33 p.m.

"Jun zi zhi jiao dan ru shui" in Pin Yin

Chinese maxim: A gentleman's friendship is as light as water. Maybe a lady's friendship is as thick as clam chowder(sic). Such expressions would be similar to "Hi" and "Bye" versus love to all as figurative expression being nice? I hold the sophisticated way of viewing things in life. My mind may travel to distant places to resolve issues of the past by revisiting childhood setting with memories of youth to dive into the good old days in Shanghai. Try to translate and transliterate Chinese to English and vice versa as a fantastic communicator by virtue of my education and experience. Stay loose and enjoy life everyday to educate myself with creative moxie as a xie(last name) to xie(thank) all my friends as my teachers. Love devolves upon sincerity evolving warm affection. It is smart to recognize the nearest and dearest art and beauty with aesthetic standard of the times with charisma. Aim high, higher and the highest to see the open sky with stellar attitude for health and fitness with spiritual quest. Francis Shieh, a lifelong student in comparative philosophy. Xie Shihao on Tuesday,January 8, 2008.

Confidence in America: The best change the next President can make

Former Secretary of State Madeleine K. Albright published the above article in The Washington Post,Jan. 7, 2008 on page A17: "We will not recover by acting out of fear but by educating ourselves about the world around us, learning foreign languages, appreciating other faiths, studying the many dimensions of historical truth, harnessing modern technology in constructive ends and looking beyond simplistic notions of evil and good." She is the author of the forthcoming book "Memo to the President Elect: How We Can Restore America's Reputation and Leadership."My comment: We must study Chinese language and Chinese culture as educated Americans for America's human resource in the 21st century and beyond... Francis Shieh a.k.a. Xie Shihao on January 7, 2008.

Washington Post,Jan.6,08 Page A1,A16

Chinese firm seeks US foothold: " Beijing-based Overseas Investment Research Center under Ministry of Commerce said efforts to block the deal amount to discrimination, an attempt by the United States to protect key industries like telecommunication for national security reasons." My comment: As a student of economics,I would envision such deal as a matter of mutual benefit. Since we are living in the nuclear age and mutual cooperation would be the only way for survival of humankind. Moreover,China holds US government securities for investment as an indication of China's trust of the United States. Ponder such happenings with positive scenarios for understanding.
ECONOMIST magazine: World in 2008: Special Section on China with cover page of US housing prices going down and Chinese stocks equity prices up. On page 24: The world need to work at enticing China and America into an agreement in terms of socio-economics. On page 108 China's GDP per capita $2,960 PPP $9,700 vs US GDP per capita $47,330 PPP $47,330 on page 110. From these numbers,we see the difference of about 5 times for PPP(Purchasing Power Parity) used as a measure of standard of living. I questioned such measurement in my article published by Atlantic Economic Journal in 1970s and Lawrence Summers published an article in 1990s with the same line of reasoning. I would maintain that lifestyle of the people i.e. custom and tradition are not taken into consideration to measure standard of living. Ponder my thought for your understanding if warranted. Francis Shieh,a lifelong student of economics. Jan.7,2008.

Why Bush is more dangerous than Nixon was

Washington Post, Jan. 6,2008 page B1,B5:"American democracy has been derailed throughout the Bush-Cheney regime. The dominant commitment of the administration has been a murderous, illegal, nonsensical war against Iraq. That irresponsible venture has killed almost 4,000 Americans, left many times that number mentally or physically crippled, claimed the lives of an estimated 600,000 Iraqis ( according to a careful Oct. 2006 study from the Johns Hopkins Bloomberg School of Public Health) and laid waste their country. The financial cost to the United States is now $250 million a day and is expected to exceed a total of $1 trillion, most of which we have borrowed from the Chinese and others as our national debt has now climed above $9 trillion - by far the highest in our national history. My comment: China is holding US government securites otherwise we have to pay higher interest rate as I have sent my blogs in the past. Francis Shieh a.k.a. Xie Shihao,a lifelong student of economics on January 6, 2008.

War against Chinese Americans by Jean Pfaelzer

Asian Fortune,January 2008 issue on page 20 published rave reviews for Jean Pfaelzer's book about War against Chinese Americans: Jean Pfaelzer is a professor at the University of Delaware and noted author of "Driven Out: The Forgotten War Against Chinese Americans." Thanks to this gripping narrative, Chinese immigrants now stand front and center in the saga of the struggle for civil rights in these United States. It is a readable recounting of America's systematic effort to purge all Chinese immigrants from the mid-19th into the early 20th centuries. This is a valuable addition to our understanding of the making of modern America. My comment: To update such cases,an American college in Maryland forced one American scholar of Chinese ancestry, an Associate Professor with tenure to resign after 17 years in the Department of Economics and another American economist of Chinese ancestry to be terminated after 18 years as the Full Professor with tenure. It is clearly a case of discrimination but it is difficult or impossible to prove such discrimination in Court. Such cases happened in 1983-1984. Francis Shieh on Sunday,January 6, 2008.

Addendum to the book entitled "Day of Empire" by Amy Chua

Book Review in Book World section of The Washington Post: "Rather than depending on force of arms,Chua contends,America needs to strengthen its soft power appeal otherwise fear of US intentions will only grown from what is already worrisome base of anti-Americanism." My comment: In the Chinese expressions in Pin Yin: Yi li fu ren zhe fei cheng fu ye ; yi de fu ren zhe cheng fu ye." The Fulbright Program is designed to send scholars to other nations for cultural exchange of understanding rather than using military force to impress other nations. "Tolerant,we stand" is the proper heading for the review of the book by Chua. Francis Shieh a.k.a. Xie Shihao. January 5, 2008

DAY OF EMPIRE by Amy Chua Doubleday.396 pp.$27.95

Book World: Sunday, January 6, 2008 Book review by James F. Hoge Jr.,editor of Foreign Affairs: "The lone exception to the pattern of decline has been America, and that may be only a matter of time. Chua, a Yale Law School professor, worries that America may how be slipping off the top perch for the same reasons that its predecessors did.(Rise and Fall of hyperpowers) Chua says the US seems to be tipping toward intolerance and xenophobic backlash. My comment: Her analysis appears to be similar to Barack Obama's views in many respects. In Chua's view, the key resource for reaching hy perpower status has been human capital." My comment: Human resource is part and parcel of the status of any nation. Such is the common ground of USA and China in the 21st century. It is my earnest desire to see the development of human resources in USA and in China in the 21st century. Here we can detect the significance of education and training being stressed in two nations. Chua argues that Mongol rulers embraces Chinese art, music and drama. My comment: Chinese language is a form of art apropos of calligraphy and a form of music with 4 tones of Mandarin. Peking opera is known to be true drama being promoted in China for the best interest of folks. Chua sees that leadership crippled by the rise of protectionism and nativism in the US, along with an over-reliance on military responses to danger. The Chinese maxim would be that virtue can overcome folks but not the might. Francis Shieh a.k.a. Xie Shihao. January 5, 2008

Stocks dive on meager job gains:WashPost,1/5/08

On page D1: "Fear of consumer spending decline shakes markets: Stocks tumbled after a feeble employment report heightened concern about the outlook for a pillar of the economy - the American consumer." My comment: Consumption sector occupies roughly 2/3 of GNP, American consumers need to pay for higher gas prices plus the military outlay of the government and the federal budget deficit. All happenings have caused awakening of consumers and forsee the bleak picture of the overall economy. Investors are bracing for another year of volatility as the credit squeeze plays out and the economy slows. It is said that the US economy is at the crossroads in 2008. Chinese stock market is up but analysts have warned the investors to watch out for the unexpected volatility as well. My comment: Here is the common ground for two nations to encounter uncertainties in the new year. For the US economy, most folks expect inflationary recession or stagflation. In China,some people fear of the bubble. Both situations mean economic uncertainties affecting all the people of USA and China. Francis Shieh a.k.a. Xie Shihao. Sat.,January 5, 2008.

"Mythonomics:Ten Things about the economy"

Economist Stephen Rose is at work on the book mentioned above. His e-mail: Rose595595@comcast.net if readers wish to contact him to get answers from queries. MIT's Lester Thurow published an article decades ago -"The Myth of US Economy" as I recall vividly. Economics is an inexact science and there are so many variables,indeed!
"Democratic presidential candidates pepper their debates with references to the assault; leading liberal thinkers argue that supply-side conservatives captured the Republican Party during the Reagan administration and implemented policies that continue to privilege the super rich today. They tell a compelling tale of middle-class decline. Pity it isn't true." That is one school of thought.
But I would be inclined to demur at such reasoning by virtue of the high cost of gas affecting working Americans and the mortgage problems plus higher rate of unemployment as empirical evidence at present. Research report from Brookings Institution did arrive at the same conclusion re the plight of the middle class in America. Needless to say,economic data may be debatable but the true conditions of working Americans are not better off. Such realities caused solid support of Senator Obama's position to challenge and change the existing administration. His speech in Iowa was really remarkable and fantastic! It is up to the individuals to be on the pro or the con sides of the issues as folks would see fit. Francis Shieh a.k.a. Xie Shihao. January 5, 2008.

Washington Post,Jan.4,08 re US-China relations

On page D8: Ricardo Reyes said "We believe that China recognizes the enormous value of online video and will not enforce the regulations in a way that could deprive the Chinese people of its benefits and potential for business and economic development, education and culture, communication, and entertainment.
China is the world's second largest Internet market with a total audience of about 164 million, including those who surf the Web from public computers, according to the research firm Com-Score. Only the United States,with about 182 millin Internet users, has a larger online audience.
China: IPO stock sales in 2008 expected to set record: First time stock sales in China, the world's largest market for such offerings, may break last yar's record in 2008 as more firms traded in Hong Kong are allowed to sell shares on the nation's bourses. The value of initial public offerings will increase to $66 billion this year from $63 billion in 2007, Price-WaterhouseCooper said.
International Energy Agency forecast that China will be the main contributor to incremental emissions through 2030. China and India, which account for 45% of world coal use, will account for more than 4/5 of the increase in global consumption over the next two decades, the IEA said.
Francis Shieh. January 4, 2008

My thoughts on Sen.Barach Obama in Economics and in Chinese

Senator Obama won the Democratic caucuses in Iowa with my congratulations as a registered Democrat. As an honorary citizen of Honolulu,Hawaii,I was delighted to learn that he was born in Hawaii. He focused on promoting economic growth that I have shared such interest as evidenced in my paper entitled "Macroeconomics of Stabilization" published by The White House on Balanced Economic Growth in August 1978. My goal to promote the role of community colleges as a source of economic development is published in the Congressional Record,July 18, 1974, with the title of "The Future of Community Colleges in USA" Moreover,my books entitled "Keys for Economic Understanding""Keys to Economic Understanding" and "Work and Study Cycle Theory" may be searched at www.ask.com for possible reference.
His name Barach Obama in Chinese phonetic equivalents may imply "Defending(safeguarding) the union of Democrats and Republicans- OK" the closest sounds for "Bao-lian-ke" for his first name i.e.Defending-Union-OK in Pin Yin system of romanization. If or when he is nominated and is elected to be the next President,his name would truly be indicative of his mission to promote economic growth with his background as a person who would honor his parents as a Christian believer in his proper name to be rendered into the Chinese language with comparable connotations.
His last name Obama sounds like "O for the chinese character with mouth radical plus the house to mean Eukeka,Got it! Ba means father and Ma means mother. In other words,his name would imply he is a good person to be receptive to his parents(father and mother) How fitting and proper to have his name interpreted in the Chinese language. For explanations of Pin Yin system,see "A Glimpse of the Chinese Language" listed at www.rand.org and www.Amazon.com online book catalog for information.
Francis Shieh a.k.a. Xie Shihao,a lifelong students of economics and the Chinese language. Needless to say,English language is important for translating and transliterating the Chinese language into English for such smattering of the Chinese language with initial understanding for fun. January 4, 2008.

Nitty-gritty of the field of economics for everyone

1. Graphs or equations or narrations are designed to explain concepts to students of economics.
2. Private and public sectors are to be recognized,ruminated and analyzed for the proper mix apropos of the well-being for socio-economics.
3. Mathematical models and computer simulations are being used but may be too far-fetched from the realities of on-going economic events.
4. Economic assumptions with perfect competition as purity would be challenged as enclosed insularity. Economics is an inexact science as known by economists.
5. Market systems may not be self-regulating and the role of the government should not be understatedl. Cf. Nobel laureate K. J. Arrow's article Two Cheers...published by Harper's magazine, March 1981. Professor John K. Galbraith's works may be consulted for solid reinforcement.
6. The expansion of the public sector is in dire need for improving infrastructures. Small and medium enterprises are to be encouraged to avoid economic concentration. Political economy would be revealed as relevance for US economy and economy in China as well re socio-economics.
7. Economic theories are to be validated and implemented and incorporated into Law for relevance such as the Law of Comparative Advantage for trade in the 21st century. World Trade Organization(WTO) is in existence for the benefit of member nations to honor the Law of Comparative Advantage.
8. Laissez faire policy of noninterference by the government may be a pie-in-the sky myth in terms of empirical evidence from current events.
9. Competitiveness requires education and training of the labor force. Such goal is the pursuit of Sino-American economics or US-China economic competitiveness of human resources in the 21st century. Cf. The Real Economy by Robert Reich of Harvard faculty in Atlantic Monthly,February 1991. Cooperation would be desirable as stated by Mayor Bloomberg of New York in Newsweek magazine,Dec.31,07-Jan.7,08 special issue.
10." Keys for Economic Understanding,""Keys to Economic Understanding" and "Work and Study Cycle Theory" are designed to encourage professional training of human capital for enhancing productivity to improve competitiveness of skilled labor as desiderata for USA and China as well. Delta Output is the function of Delta K(capital) and Delta L(for labor) Capital formation is sine qua non to economic growth.
Francis Shieh a.k.a. Xie Shihao,a lifelong student of economics. January 4, 2008

CCTV-4: Chinas Bull market is still active

Washington Post,Jan.3, 2008 Page D8: "Reins may tighten on China's bull market. Economic growth remains strong at home,oil prices and credit tightening pose uncertainties." Page D5: "Wall Street finds little to celebrate in the New Year. A spike in oil prices adds to fears of a further slowdown in the economy." My comment: The perspective economic scenario is prolonged weakness and rising inflation. Such happening is known as stagflation appearing in the days to come. Global economy is international in nature. Sino-American economics should be watched with deep concern as we are affected by events with financial impact. Francis Shieh a.k.a. Xie Shihao on Thursday,January 3, 2008.

Newsweek magazine(Dec.31,07-Jan.7,08 current issue

Continued from my previous blog: "In three decades, China has become a fierce yet fragile global power." (sic) My comment: Such is the choice of harsh words to lead the readers with negative impacts. Moreover,China is a developing nation,not a developed nation with power even though USA and China are members of the Security Council in the United Nations. Many nations in the UN are not nations with power since most nations are developing nations in the 3rd world.
"2008 will be the year China takes center stage for a global audience. Geopolitics and global economics are not zero sum games." I share the same rationale in my past blogs. New York mayor Michael Bloomberg stated that China is not a threat to America, but an incredible opportunity. It is a matter of mutual benefit for two nations to work together in the best interest of peoples. "Geopolitics and global economics are not zero sum games. Shanghai is the city of the future. US and China have similar problems: Congestion. Pollution. Education Concerns. Rising health care costs. Chinese education system is simply not producing enough skilled workers to meet the demands of its economy." In this regard, "Keys for Economic Understanding"(1971) is addressed to the same problems in the United States and China apropos of apprenticeship to train skilled labor for maketable skills in any society. Mayor Bloomberg continued: "Much work remains to be done in building a healthy society where differences of opinion on politics,philosophy and faith are respected as fundamental human rights." I do know a case involving two American citizens of Chinese ancestry in 1983-1984. They taught economics in the same college for 17 and 18 years as tenured full professor and Associate Professor but one was forced to resign and the other was terminated. What is the true reason? Ethnicity! as per the comments by other professors. Such is a clear case of racial discrimination but it is difficult to prove in court of such denial of human right to earn a living as Americans in our American society. For the positive suggestion, I wish to recommend "A Glimpse of the Chinsese Language" in English for readers to be able to understand China from original Chinese sources with in-depth comprehension of the true meanings instead of translated materials that may be inaccurate at best?!
Francis Shieh a.k.a. Xie Shihao. January 3,2008.

China controls more US economy:Chinesenewsnet

Dec.28,2007 issue on page A4,a reporter used the above headline to arouse readers' attention: "China has been the hot target for international investments. China's overseas investment exceeds international investment in China this year especially China's stake with Morgan Stanley as a case of point. The Wall Street seeks to attract 1.4 billion of China's foreign exchange reserves. All the schools in USA are seeking for teachers to teach the Chinese language as Chinese has swiftly become the second commercial language or language for business in the days to come." Wu wei wrote such article on the first paragraph. My comment: I have sent blogs in the past with the same rationale. "A Glimpse of the Chinese Language" in English is hereby dedicated to all those who are interested in the Chinese language for personal enrichment or for business purposes. It is listed at www.rand.org and www.Amazon.com for reference. Have a great New Year 2008 to watch Sino-American economics or US-China economic activities with everlasting interest to keep abreast of modern development apropos of globalization. Francis Shieh a.k.a. Xie Shihao on Thursday,January 3, 2008 at 7 a.m.

Wall Street Journal,Jan. 2, 2008 page C2 Express News,1/2/08

China Fund to aid State Bank: China Investment Corporation is pumping cash into banks at home in addition to taking stakes in US firms like Morgan Stanley and Blackstone Group. My comment: China invests in USA for Sino-American Economics.
EXPRESS,Jan. 2, 2008 page 1: Race Gap Seen in Pain Care: Study Apropos of White given narcotics more than minorities in ERs. Emergency room doctors are prescribing strong narcotis more often to patients who complain of pain, but minorities are less likely to get them than whites, a new study finds. Even for the severe pain of kidney stones, minorities were prescribed narcotics such as oxycodone and morphine less frequently than whites. The analysis of more than 150,000 emergency room visits over 13 years found differences in prescribing by race in both urban and rural hospitals,in all U.S. regions and for every type of pain. "The gaps between whites and nonwhites have not appeared to close at all,said study co-author Dr. Mark Pletcher of the University of California, San Francisco. My query: Would folks of Chinese ancestry be considered as Whites of Nonwhites? Since Asians are not white,I have reason to believe that we are Nonwhites. However,I remember reading news re a US Court classified Chinese as Whites. How about Latinos? American Indians? As Minorites? Any comments? I would be willing to learn from readers of www.Blogger.com. Have a good New Year 2008 to ponder such as an interesting issue in a multicultural USA in the 21st century. Francis Shieh a.k.a. Xie Shihao,a lifelong student of economics to learn from all folks since Confucius maintained such thoughts centuries ago. January 2, 2008.

Stock is down again but what is ahead?

Who knows? Uncertainly is the rule of the economic game. Oil prices are up again for fear of the Middle East nations. Volatility returns in full swing in the market. Francis Shieh on Wed.,January 2,2008

Theory of Time Constraint: Equation of Daily Function

1.Daily Function: DF=S+NS over time constraint. (S - sleep; NS-Non-sleep time for work,study or leisure.)S+N as numerator above the line ;T as denominator below the line in DF. Anyone is in charge for his/her daily function with the understanding of 24 hours a day to be allocated as an individual likes. Folks say: "I don't have time for breakfast." That is a misnomer just because that person does not allow the time for his/her breakfast. Savvy? Such is a simple realization but some folks do not think about such equation. Studying economics would enable a person to understand the science of choice and change. Such is small fraction approach but maybe regarded as applied economics for all folks approps of distribution of time resource!
2. New Year's Determination: 3S-2D=RCA as I sent such blog on January 1, 2008.
Item 1 was published by Calendar of Knowledge,Hunan Science and Technology Publisher on December 15, 1991.
Item 2: 3S-2D=RCA. Ditto by the same publisher on February 7, 1990.
The above shall be published again by www.Blogger.com on January 2, 2008 Times have elapsed but Daily Function is still true now and in the days to come. New Year's Resolution is a useful reference for this year 2008,next year 2009 and beyond...ad infinitum.
Francis Shieh a.k.a. Xie Shihao,a lifelong student of economics. January 2, 2008.

NEWSWEEK,Dec.31,2007 special issue on China

The future belongs to China in the cover for the Headline with a positive scenario regardless of the disparity of the rich and the poor. Yao Ming,the Shanghai native is on the cover as the pride of China's contribution to NBA sports. In economics, To shift the Lorenz Curve to the diagonal is not yet in evidence at present. However,"Foreign Affairs" magazine has an article to praise the recent emphasis of the laws as the right course of action to solve such problems with enforcement. That remains to be seen in the days to come. Let's wait and see.
Retrospect of an octogenarian from Shanghai as my reflection for 2007 on New Year's day, January 1, 2008.
In the history of modern China,several authors such as Ba Jin, Guo Mo-rou, Xu Zhi-mo, Lu Xun settled in Shanghai, a city primed to support a literary revolution. Shanghai had produced poets for centuries and my parents gave me the name "shihao" to mean hero of poety in name only. But I am not a poet at all. However,I do possess the sentiments of poets i.e. "haoqing" in Pin Yin. The Westerners spread the ideas through missionary schools and universities. I happened to attend Gonzaga College and St. John's University in Shanghai in 1940s in the 20th century. I had to struggle with the old culture of the traditional literati and encountered the new culture of the West with fermented imbibition.
Ba Jin's "Jia" i.e. Family and related books entitled Spring plus Autumn were the must reading for students in China and I shared such opportunity as a teenager. During the period,the novel in the vernacular, rather than classical Chinese became vogue. I have observed that young folks in China are in favor of such changes.
Guo Mo-rou's works were inspired verses: Earth, my mother;The skies already brighten with the early dawn; You arouse the child at your bosom; Now I clamber upon your back; Earth, my mother. My version off the cuff would be:
Heaven, my father; The ground zero maybe zero in on;9/11 provided us with profound concern; all mortals must leave this mundane world;Heaven, my father.
Xu Zhi-mo wrote of love, ideals and freedom. The world needs love for all human beings on earth. Peace and economic development are the guidelines for China.
Lu Xun's "The True Story of Ah Q" which lampooned Chinese character and culture, I would facetiously support such character with some reservation as a way of life.
Francis Shieh a.k.a. Xie Shihao on New Year's Day,January 1, 2008.

New Year's Resolution:3S-2D=RCA for all folks

My recommended equation: 3S-2D=RCA. S = simplicity,sincerity and serenity. D means Dejection and Disappointment. R-Rejuvenation,C-contentment,A - Amity. (New Year's Resolution for readers at www.Blogger.com for your kind reference on daily basis in 2008. Such equation is simple to bear in mind with positive repercussion,indeed!
WashPost,Dec.31,2007: History of Tibet is cited and I do remember that Tibet has always been a part of China when I was a student at St. John's University in Shanghai,China from 1943-46. Moreover,I learned from this American-sponsored university that Taiwan has had Chinese culture and tradition as a part of China in Chinese history. The article mentioned a Chinese professor and former editor sent the report of the research student with 40,000 words apropos the difficulties villagers faced,partly because local officials failed to help them. Such report went to the desk of Premier Wen Jiabao who wrote back saying that this was the kind of journalism China needed,probing the needs of the people. The report was widely discussed. Parts of it were disseminated on the Internet. My comment: Such academic discussions on the Internet is desirable for China's journalism students to seek the truth and make changes for betterment for the necessary improvement due to the past negligence. If I remember correctly,political correctness(PC) happened in American history. Francis Shieh a.k.a. Xie Shihao,a lifelong student with interest in China as a watcher of happenings in China especially Sino-American economics for mutual benefit. January 1, 2008 Happy New Year to all to read between the lines of reporters writings in the days to come.
On page A14: Un-'Fair Tax' Mike Huckabee's tax plan sounds too good to be true. It is. Economist William Gale puts the rate at 44% on Tax Reform with the President's Advisory Panel. The editor says that his calculation doesn't take into account cheating, for which there would be ample incentive. The top earners,those with incomes greater than$200,000, would see significant tax cuts. It is likely that taxpayers with incomes in the middle range about $40,000 to $100,000 would pay more. Food for thought of such an editorial.