Henry Kissinger and Jim Schlesinger are members of the directors for"The National Interest" magazine. Both were at the RAND Corporation when I was a researcher in the Dept. of Economics from January 1964 to September 1965.
Joseph E. Stiglitz,Chief Economist,World Bank,1997-2000 published "Death Cometh for the Greenback" as the title of his article. I recommend such article for readers to enjoy his thoughts.
On page 55: China provides "vendor finance" - simultaneously selling the goods and financing the sales - it has more choices to southeast asians,Europeans or Africans to buy goods. In the end, this simply means that China will buy and the value of dollars will fall. The implication for the global financial system: the dollar will no longer be the reserve currency.
On page 39: Zhou Xiao-chuan, Governor of People's Bank of China proposed a new form of synthetic international reserve currency. Such idea is the same as the conclusion as the judgment of Joseph Stiglitz citing John M. Keyes 75 years ago.
Page 67: Amartya Sen, Nobel Laureate in Economic Science, 1998: Living economist who takes philosophy seriously citing Adam Smith(hails as an underappreciated moral philosopher) He partnered with Stiglitz to release a study urging governments to incorporate non-economic variables into assessment of well-being. Such rationale is the same in my past blogs re economics and philosophy must be linked) I am gratified to get such support from other thinkers. I try to compare notes with others so that I can find out if my reasoning is shared by others. Making comparisons would be the way for an economist to learn from others.
"Foreign Policy" magazine,Dec. 2009 issue www.foreignpolicy.com
Page 33: The 3 most influential global leaders outside the United States:
President Hu Jingtao of China 33
Prime Minister Putin of Russia 16
President Lula da Silvia of Brazil 15
71% think China will be the world's next powerhouse. The is a survey from independent source.
In the same issue,Brazil and China will work closely to build an aircraft carrier for mutual benefit in exchange of trade to honor the Law of Comparative Advantage.
Francis Shieh a.k.a. Xie Shihao on Sunday, December 6, 2009 at 1.36 in Bowie Library.
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