Page 27: Georgetown Journal of International Affairs. Georgetown University is known world-wide but Harvard is rated as the top institution. However,Georgetown is located in the nation's capital to train foreign service officers near the US government agencies.Georgetown Law School has produced many outstanding lawyers. Secretary of Defense Robert Gates earned his graduate degree in Russian studies decades ago and former Secretary of State M. Alright is on the faculty of Georgetown.
Page 7. Ronald McKinnon, Professor of International Economics,Stanford University wrote: "Special Drawing Rights (SDRs are viewed as illiquid assets and financial system is inherently fragile." (sic) Such scenario does not seem to be positive at all. Liquidity is known in Keynesian economics.
The US-China bilateral strategic economic conference will take place on July 27-28 in Washington,DC and such topic will be discussed as I would envision.
The leading director of People's Bank of China Zhou Xiaochuan and Economist Richard Cooper appear to be in the same vein for considering SDR as a world currency but SDR is not in the private market. More in-depth studies should be done for future reference.
Since Hong Kong Dollar and Chinese currency Renminbi (RMB) can be exchanged freely and Hong Kong is known in the West as a free trading city,it would be timely to think about HK$ in the private market by authorities in the USA and in China for future reference as a super sovereign world money if feasible with rules and regulations for international trade. Such idea is just a thought.
Francis Shieh aka Xie Shihao,a lifelong student of economics in action on Sunday,June 7, 2009 at 2.32 p.m.
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