GDP sinks 6.2% to a decrease of $19.9 billion, driving the GDP downward. Consumer spending and export demand remain weak.
Whether the outlook is bleak or hopeful, economists agree on the fact that the threat is the credit crisis.("Weiji" in Pin Yin) which means Danger and Opportunity." Obtain "A Glimpse of the Chinese Language" available free of charge as public service from www.rand.org PDF form.
"The economy is unlikely to have sutainable growth until banks are healthy to begin lending more and more." Said Bernard Baumohl, chief global economist at the Economic Outlook Group, a forecasting firm in Princeton, N.J.
Prof. John K. Galbraith is witty in saying : "There are those who don't know and those who don't know they don't know." re economic forecast.
In 2010, we may see anemic growth or recession after the stimulus disappears.(sic)
Rosy or otherwise,the economic reality is up to your mindset and empirical evidence.
Francis Shieh a.k.a. Xie Shihao, an independent watcher in the field of economics. February 28, 2009 at 3.46 p.m.
Saturday, February 28, 2009
Friday, February 27, 2009
Socio-Economics: Obama's Plan:USAToday 2/27/09
The 2010 Budget provides biggest boost in social spending in generations. I have sent my prior blogs with the expression of Socio-Economics in the real world. In other words,economics is meant to serve the society,the American society or the Chinese society as well.
Page B4 Wall Street Journal,2/27/09: China wins oil asset with Vergex,a Canadian firm. China plans wave of local bond sales-400 million.
Wall Street Journal,Feb.27,09 Budget winners include middle class American families and lower income retirees. I do support such because the middle class folks are the backbone of any nation.
40.9% changes in increase to $51.7 billion for 2010 in the Departmenet of State to expand foreign service officers. I taught foreign service officers at FSI in 1998-1999 but resigned to go to Suzhou University since my paternal grandfather had moved to Shanghai from Suzhou. He was the first Chinese to do insurance business with the British and my uncle was an auditor with AIG for many decades. He passed away in Shanghai when he was 99 years old. My materal grandfather was the high-ranking Manchurian official during the Qing Dynasty in Hangzhou. My mother had to escape to Shanghai during the KMT revolution in 1911.
48.4 increase to $13.8 billion for the Department of Commerce. Gary Locke has been nominated by the President. I was responsible for a project in 1965-1966 with National Science Foundation for American scientists to contact scientists in China. Such Directory was published by the Hoover Institution in 1971. Such work is the pioneer for Sino-American Economics apropos of scientific exchanges.
Francis Shieh a.k.a. Xie Shihao on February 27, 2009 at 3 p.m.
Page B4 Wall Street Journal,2/27/09: China wins oil asset with Vergex,a Canadian firm. China plans wave of local bond sales-400 million.
Wall Street Journal,Feb.27,09 Budget winners include middle class American families and lower income retirees. I do support such because the middle class folks are the backbone of any nation.
40.9% changes in increase to $51.7 billion for 2010 in the Departmenet of State to expand foreign service officers. I taught foreign service officers at FSI in 1998-1999 but resigned to go to Suzhou University since my paternal grandfather had moved to Shanghai from Suzhou. He was the first Chinese to do insurance business with the British and my uncle was an auditor with AIG for many decades. He passed away in Shanghai when he was 99 years old. My materal grandfather was the high-ranking Manchurian official during the Qing Dynasty in Hangzhou. My mother had to escape to Shanghai during the KMT revolution in 1911.
48.4 increase to $13.8 billion for the Department of Commerce. Gary Locke has been nominated by the President. I was responsible for a project in 1965-1966 with National Science Foundation for American scientists to contact scientists in China. Such Directory was published by the Hoover Institution in 1971. Such work is the pioneer for Sino-American Economics apropos of scientific exchanges.
Francis Shieh a.k.a. Xie Shihao on February 27, 2009 at 3 p.m.
WashPost,Feb.27,09: How the $3.6 trillion would be spent
US Department of Labor gets $13 billion,up 5%. The budget increase would enhance job training programs aimed at helping low wage workers to acquire marketable skills. I sent my past blogs to the same objective with a vision as elaborated in "Keys for Economic Understanding" in 1971. Cf. www.Amazon.com online book catalog for reference. I did such work as an economist with the US Department of Labor in 1965.
Thanks for reading my blog and have a great day,everyday to keep abreast with economic happenings. Xie Shihao is an octogenarian and a lifelong student of economics since 1943 at St. John's University in Shanghai,China. More than 65 years ago! History is history. History is past economics and economics is past,present and future history for humankind in the world. February 27, 2009 at 11.50 a.m.
China is stressing labor force development to provide jobs with marketable skills as well. There is the common ground of USA and China as I see it.
Thanks for reading my blog and have a great day,everyday to keep abreast with economic happenings. Xie Shihao is an octogenarian and a lifelong student of economics since 1943 at St. John's University in Shanghai,China. More than 65 years ago! History is history. History is past economics and economics is past,present and future history for humankind in the world. February 27, 2009 at 11.50 a.m.
China is stressing labor force development to provide jobs with marketable skills as well. There is the common ground of USA and China as I see it.
Thursday, February 26, 2009
The Employee Free Choice Act would restore balance to labor markets
As economists,namely Professor Lester C. Thurow of MIT who believes that such Act is a critically important step in rebuilding our economy by enhancing the voice of working folks in the workplace. Nobel Laureates Kennith Arrow and Robert M. Solow published in the same statement. Visit www.epi.org/labor policy. For details,read WashPost,Feb.25,09 on page A7. As a former economist with United States Department of Labor,I support such act as well. In "Western Economics"(1990) in the Chinese language,I cited Prof.Lester Thurow for our similar views. Such work can be seen at www.loc.gov(Library of Congress online catalog)for reference.
Washington Post,Feb.26, 2009 on page A18: Ricardo Caballero suggested that the government pledge to buy up to twice the number of bank shares currently available,at twice some recent average price, in five years. He is the Head of the Economics Department and director of the World Economics Laboratory at MIT.
What is needed is confidence in the government, the stimulus plan and the future. Here is the empirical evidence of Political Economy. Cf. "Keys for Economic Understanding" for labor market policy in USA. China's labor market policy is significant for economic growth as well. Globalization means interconnection of economics certainly even though economic recovery may be uncertain at this point.
President Obama lays out a bold agenda and the economic crisis has to come first. WashPost,2/25/09 on page A18. Such is the rationale of Hillary Clinton: stressing the closer relationship between USA and China in the days to come. Cf. www.Google.com and click on Sino-American Economics.
Henry Kissinger published "A Strategy for Afghanistan in the WashPost,,Feb.26,09 page A19:USA,Russia and China could be at risk as targets of jihadist Islam . Here is the common ground of Sino-American Economics in the military area.
President Obama nominated Gary Locke as the Secretary of Commerce,another American of Chinese ancestry,same as Secretary of Energy Steven Chu. Here is another evidence of the significance of US-China relations in fighting Terrorism. Moreover,North Korea has provoked the United Statges with missile launches and a nuclear test. China plays an important role with the common interest with the United States.
FED Chief Ben Bernanke says that recession could end this year. I hope he is correct in his economic forecast.However,Prof. John K. Galbraith left the legacy in saying: "There are those who don't know and those who don't know they don't know" in the discipline of Economic Forcast in the joking way.
Francis Shieh a.k.a. Xie Shihao on Thursday, February 26, 2009 at 3.30 p.m.
Washington Post,Feb.26, 2009 on page A18: Ricardo Caballero suggested that the government pledge to buy up to twice the number of bank shares currently available,at twice some recent average price, in five years. He is the Head of the Economics Department and director of the World Economics Laboratory at MIT.
What is needed is confidence in the government, the stimulus plan and the future. Here is the empirical evidence of Political Economy. Cf. "Keys for Economic Understanding" for labor market policy in USA. China's labor market policy is significant for economic growth as well. Globalization means interconnection of economics certainly even though economic recovery may be uncertain at this point.
President Obama lays out a bold agenda and the economic crisis has to come first. WashPost,2/25/09 on page A18. Such is the rationale of Hillary Clinton: stressing the closer relationship between USA and China in the days to come. Cf. www.Google.com and click on Sino-American Economics.
Henry Kissinger published "A Strategy for Afghanistan in the WashPost,,Feb.26,09 page A19:USA,Russia and China could be at risk as targets of jihadist Islam . Here is the common ground of Sino-American Economics in the military area.
President Obama nominated Gary Locke as the Secretary of Commerce,another American of Chinese ancestry,same as Secretary of Energy Steven Chu. Here is another evidence of the significance of US-China relations in fighting Terrorism. Moreover,North Korea has provoked the United Statges with missile launches and a nuclear test. China plays an important role with the common interest with the United States.
FED Chief Ben Bernanke says that recession could end this year. I hope he is correct in his economic forecast.However,Prof. John K. Galbraith left the legacy in saying: "There are those who don't know and those who don't know they don't know" in the discipline of Economic Forcast in the joking way.
Francis Shieh a.k.a. Xie Shihao on Thursday, February 26, 2009 at 3.30 p.m.
Monday, February 23, 2009
Clinton: China and the US must work together
"Shanghai Daily" Feb. 23, 2009 on page A2:
"China and America must work together if the world is to rebound from the financial crisis, US Secretary of State Hillary Clinton said yesterday, adding that she wanted the Chinese to remain committed to investing in America." Such statement is expected in my prior blogs at www.Blogger.com.
"Clinton urged China to continue investing in US Treasury bonds as she ended her trip to Asia by saying China's continued investment in the US was recognition the two nations depended on each other." That has been the issue of issues as I have noted in my mind for months i.e. Investing in America and investing in China for exchange of factors of productions re human and financial capital.
"Our economies are so intertwined, the Chinese know that to start exporting again to their biggest market, i.e. USA, the US has to take some very drastic measures with this stimulus package, which means we have to incur more debt." China has been a friend of the United States in economics as a matter of mutual benefit.
On page D3:-
Education and Training: keys for job seekers in China and in the USA as well.
"Workers went to the Shanghai International Auto City Talents Institute to inquire about courses for skills. The College's courses are adjusted to adapt to Jiading District's industrial restructuring and to meet a higher demand for such talent during the economic downturn." Such empirical evidence reminds me of the role of community colleges in USA to train and retrain workers for marketable skills to supply the demands of American society. "Keys for Economic Understanding" is a good reference for policy makers in China and in USA in the 21st century. Cf.www.Amazon.com online book section for information.
Clinton's emphasis on the global economy,climate change and security during her visit was a bid to highlight the growing importance of US-China economic relations.
Francis Shieh a.k.a. Xie Shihao with focus on Sino-American Economics.
February 23, 2009 at 5.46 p.m.
"China and America must work together if the world is to rebound from the financial crisis, US Secretary of State Hillary Clinton said yesterday, adding that she wanted the Chinese to remain committed to investing in America." Such statement is expected in my prior blogs at www.Blogger.com.
"Clinton urged China to continue investing in US Treasury bonds as she ended her trip to Asia by saying China's continued investment in the US was recognition the two nations depended on each other." That has been the issue of issues as I have noted in my mind for months i.e. Investing in America and investing in China for exchange of factors of productions re human and financial capital.
"Our economies are so intertwined, the Chinese know that to start exporting again to their biggest market, i.e. USA, the US has to take some very drastic measures with this stimulus package, which means we have to incur more debt." China has been a friend of the United States in economics as a matter of mutual benefit.
On page D3:-
Education and Training: keys for job seekers in China and in the USA as well.
"Workers went to the Shanghai International Auto City Talents Institute to inquire about courses for skills. The College's courses are adjusted to adapt to Jiading District's industrial restructuring and to meet a higher demand for such talent during the economic downturn." Such empirical evidence reminds me of the role of community colleges in USA to train and retrain workers for marketable skills to supply the demands of American society. "Keys for Economic Understanding" is a good reference for policy makers in China and in USA in the 21st century. Cf.www.Amazon.com online book section for information.
Clinton's emphasis on the global economy,climate change and security during her visit was a bid to highlight the growing importance of US-China economic relations.
Francis Shieh a.k.a. Xie Shihao with focus on Sino-American Economics.
February 23, 2009 at 5.46 p.m.
Sunday, February 22, 2009
"Chimerica" coined by Economist Niall Ferguson
Harvard Professor Ferguson coined the word "Chimerica" to stress the close and interdependent relations between te world's two major economies,China and USA."Zhong mei guo" in Pin Yin system of romanization.
If interested in Sino-American economics,visit www.Google.com and read the blogs to share the rationale of a fellow economist in the same vein.
Read all Buzzwords,visit www.shanghaidaily.com/buzzword. Published by Shanghai Daily,Feb. 23,2009 on page B16.
Shanghai drifter i.e. "Hu piao" in Pin Yin. The Chinese terms literally means "floating in Shanghai" It refers to anyone who hopes to make it in Shanghai but has yet to find a stable and satisfactory job. My comment: Natives visiting Shanghai may be addressed as "Hu piao" in the generic sense.(sic)
"Chinophile" "Ha zhong zu" in Pin Yin. More and more folks are showing an interest in Chinese elements,as seen in frequent scenes featuring items of Chinese culture like chopsticks,kung fu(should be "Gongfu" in Pin Yin)and "Qibao" in Pin Yin i.e. the dress of the Manchurian lady from foreign movies.
"Lu se xin zheng" to mean Green New Deal: Economists and leaders are working on a "GND" as acronym to create millions of jobs*,slash poverty and avert environmental disaster in an attempt to battle the global downturn and revive the world economy.
For ways and means of having jobs with marketable skills,"Keys for Economic Undersanding" may be a useful work. www.Amazon.com book catalog for infomation. For elaborations of Pin Yin system of romanization,"A Glimpse of the Chinese Language" in English is hereby dedicated. Listed at www.rand.org for reference.
Francis Shieh a.k.a. XieShihao, a native of Shanghai since 1926 on February 23,2009 in Shanghai at 7.20 a.m.
If interested in Sino-American economics,visit www.Google.com and read the blogs to share the rationale of a fellow economist in the same vein.
Read all Buzzwords,visit www.shanghaidaily.com/buzzword. Published by Shanghai Daily,Feb. 23,2009 on page B16.
Shanghai drifter i.e. "Hu piao" in Pin Yin. The Chinese terms literally means "floating in Shanghai" It refers to anyone who hopes to make it in Shanghai but has yet to find a stable and satisfactory job. My comment: Natives visiting Shanghai may be addressed as "Hu piao" in the generic sense.(sic)
"Chinophile" "Ha zhong zu" in Pin Yin. More and more folks are showing an interest in Chinese elements,as seen in frequent scenes featuring items of Chinese culture like chopsticks,kung fu(should be "Gongfu" in Pin Yin)and "Qibao" in Pin Yin i.e. the dress of the Manchurian lady from foreign movies.
"Lu se xin zheng" to mean Green New Deal: Economists and leaders are working on a "GND" as acronym to create millions of jobs*,slash poverty and avert environmental disaster in an attempt to battle the global downturn and revive the world economy.
For ways and means of having jobs with marketable skills,"Keys for Economic Undersanding" may be a useful work. www.Amazon.com book catalog for infomation. For elaborations of Pin Yin system of romanization,"A Glimpse of the Chinese Language" in English is hereby dedicated. Listed at www.rand.org for reference.
Francis Shieh a.k.a. XieShihao, a native of Shanghai since 1926 on February 23,2009 in Shanghai at 7.20 a.m.
US-China aims for closer ties,pledge unity on global issues
"Shanghai Daily",February 22,2009 Headlines on pages A1 and A2: -
Premier Wen said during his meeting with US Secretary of State Clinton:" Global financial crisis provided an opportunity for China and the USA to strengthen mutual trust and cooperation." Such reasoning is the same as I sent my blogs in the past.
Clinton told President Hu that two nations have agreed in principle to a strategic and economic dialogue with the hope of having formal announcement in London in April 2009.
Clinton said:"We have every reason to believe the United States and China will recover and together we will help lead the world recovery." Such thought is exactly what I had in mind for months.
Francis Shieh a.k.a. Xie Shihao,an independent observer of Sino-American Economics since I was a graduate student from China more than six decades ago. I am truly gratified to witness positive relations of two great nations on both sides of the Pacific in the 21st century. Feb. 22, 2009 at 6.16 p.m.
Premier Wen said during his meeting with US Secretary of State Clinton:" Global financial crisis provided an opportunity for China and the USA to strengthen mutual trust and cooperation." Such reasoning is the same as I sent my blogs in the past.
Clinton told President Hu that two nations have agreed in principle to a strategic and economic dialogue with the hope of having formal announcement in London in April 2009.
Clinton said:"We have every reason to believe the United States and China will recover and together we will help lead the world recovery." Such thought is exactly what I had in mind for months.
Francis Shieh a.k.a. Xie Shihao,an independent observer of Sino-American Economics since I was a graduate student from China more than six decades ago. I am truly gratified to witness positive relations of two great nations on both sides of the Pacific in the 21st century. Feb. 22, 2009 at 6.16 p.m.
Saturday, February 21, 2009
The Coming Crisis in the world food industry
Paul Roberts published the book and cited by "Shanghai Daily" on Feb.21,2009 on page A6:
It is indispensable...the best analysis of the global food economy.
The author is a journalist. He laments about America but is also partly true in China.
Eat less,Roberts begs,and in particular,less meat. The Western model is not sustainable, he declares.
My comment: Eat like a farmer in China with lots of veggies and fish to strive to be centenarians. Hehehahahoho all the way to live to be centenarians. Amen!
Page B1 Business: China leads the world in inceased purchase of gold jewelry last year as buyers turned to the precious metal as a safe haven.
Francis Shieh a.k.a. Xie Shihao on Feb.22nd in Shanghai at 6.46 a.m.
It is indispensable...the best analysis of the global food economy.
The author is a journalist. He laments about America but is also partly true in China.
Eat less,Roberts begs,and in particular,less meat. The Western model is not sustainable, he declares.
My comment: Eat like a farmer in China with lots of veggies and fish to strive to be centenarians. Hehehahahoho all the way to live to be centenarians. Amen!
Page B1 Business: China leads the world in inceased purchase of gold jewelry last year as buyers turned to the precious metal as a safe haven.
Francis Shieh a.k.a. Xie Shihao on Feb.22nd in Shanghai at 6.46 a.m.
Friday, February 20, 2009
Shrinking value of US T-bills raises alarm
Shanghai Daily, Feb. 20, 2009 on page A6:
Economists argue that increased borrowing by the Unitede States to fund its stimulus poackage could cause the depreciation of US$-nominated assets. As the largest holder of US Treasury securities, China had reason to be concerned about possible depreciation.
According to the US Treasury, China held US$681.9 billion worth of US government bonds as of November, and it bought another US$14.3 billion worth in December.
Would China reduce its holdings of US government bonds? An open question in the days to come for Sino-American economic relations!
Page B1: Shanghai set to launch trading in steel futures:The Shanghai Futures Exchange has received approval to launch steel-product futures,joining other markets such as London and Dubai to trade the metal.
To my reasoning,copper is a precious metal and the price of gold may be going up again. Francis Shieh a.k.a. Xie Shihao in Shanghai on Feb.21,2009 at 7.34 a.m.
Economists argue that increased borrowing by the Unitede States to fund its stimulus poackage could cause the depreciation of US$-nominated assets. As the largest holder of US Treasury securities, China had reason to be concerned about possible depreciation.
According to the US Treasury, China held US$681.9 billion worth of US government bonds as of November, and it bought another US$14.3 billion worth in December.
Would China reduce its holdings of US government bonds? An open question in the days to come for Sino-American economic relations!
Page B1: Shanghai set to launch trading in steel futures:The Shanghai Futures Exchange has received approval to launch steel-product futures,joining other markets such as London and Dubai to trade the metal.
To my reasoning,copper is a precious metal and the price of gold may be going up again. Francis Shieh a.k.a. Xie Shihao in Shanghai on Feb.21,2009 at 7.34 a.m.
Thursday, February 19, 2009
Shanghai Daily,Feb.19, 2009 on page A2
China's foreign exchange reserves stood at US$1.95 trillion, the world's biggest, at the end of 2008,up 27.3% from the year before.
Whether China will continue tobuy US Treasury bonds? It will depend on China's needs under the principle of maintaining the value and safety of the foreign exchange reserves.
Food for thought for Sino-American Economics or US-China economic relations.
Francis Shieh a.k.a. Xie Shihao,Fulbright Senior Scholar,Hong Kong 1989-1990 on Friday,Feb.20, 2009 at 8.12 a.m.
Whether China will continue tobuy US Treasury bonds? It will depend on China's needs under the principle of maintaining the value and safety of the foreign exchange reserves.
Food for thought for Sino-American Economics or US-China economic relations.
Francis Shieh a.k.a. Xie Shihao,Fulbright Senior Scholar,Hong Kong 1989-1990 on Friday,Feb.20, 2009 at 8.12 a.m.
Shanghainese and Mandarin make city's melody
Nihao/Ninhao or Nonghao? That is the question of questions! The choice is yours!
"Shanghai dialect is the long-lived mother tongue for working people in various districts in Shanghai. And we shall all feel proud of it. " John Gong,the author is an economist based in Beijing. Published by Shanghai Daily on Thursday,Feb. 19,2009 on page A6. I agree with him in toto as a native of Shanghai since 1926. If interested in Sino-American Economics,please visit www.Google.com and search francis shieh for blogs. It is gratifying to read the comments about my native tongue,indeed.
In the old days in the eyes of Shanghainese,you were either from Shanghai or a country bumpkin (somewhat like the Parisian versus the Provinceur cliche in France)
Shanghai is a place you want to call home.
No one knows how much longer Shanghainese can hold out against the onslaught of other dominant dialect such as Cantonese,but it should be guarded as intangible heirloom. More folks speak Wu dialect than Cantonese as per research findings. For detailed explanations,consult "A Glimpse of the Chinese Language" in English at www.rand.org for reference.
Dictyon,the gateway to global languages at www.Dictyon.net,offering Wu dialect,i.e. Shanghai dialect for several years.
Francis Shieh a.k.a. Xie Shihao (or Zia as my Last Name in Wu dialect.) on Thursday,February 19,2009 at 22.38 p.m.
"Shanghai dialect is the long-lived mother tongue for working people in various districts in Shanghai. And we shall all feel proud of it. " John Gong,the author is an economist based in Beijing. Published by Shanghai Daily on Thursday,Feb. 19,2009 on page A6. I agree with him in toto as a native of Shanghai since 1926. If interested in Sino-American Economics,please visit www.Google.com and search francis shieh for blogs. It is gratifying to read the comments about my native tongue,indeed.
In the old days in the eyes of Shanghainese,you were either from Shanghai or a country bumpkin (somewhat like the Parisian versus the Provinceur cliche in France)
Shanghai is a place you want to call home.
No one knows how much longer Shanghainese can hold out against the onslaught of other dominant dialect such as Cantonese,but it should be guarded as intangible heirloom. More folks speak Wu dialect than Cantonese as per research findings. For detailed explanations,consult "A Glimpse of the Chinese Language" in English at www.rand.org for reference.
Dictyon,the gateway to global languages at www.Dictyon.net,offering Wu dialect,i.e. Shanghai dialect for several years.
Francis Shieh a.k.a. Xie Shihao (or Zia as my Last Name in Wu dialect.) on Thursday,February 19,2009 at 22.38 p.m.
Hillary Clinton quoted a Chinese proverb
Clinton cited a Chinese saying that "when you are in a common boat,you need to cross the river peacefully together." In Pin Yin,"Tong zhou gong yi" would be the 4 Chinese characters.
Confucius (551-479 BC) expounded the philosophical concept - " a world is full of difference and contradictions, but the righteous folks would balance them and achieve harmony."
Despite differences, China and the US hae a wide range of issues to cooperate on,such as keeping sound economic growth in the global financial crisis,maintaining peace on the Korean Peninsula,the Middle East and protecting the environment on earth.
Published by Shanghai Daily, February 18,2009 on page A6
Francis Shieh a.k.a. Xie Shihao,author of "Philosophy of Mencius,"a noted follower of Confucianism.Listed at the Library of Congress www.loc.gov
Confucius (551-479 BC) expounded the philosophical concept - " a world is full of difference and contradictions, but the righteous folks would balance them and achieve harmony."
Despite differences, China and the US hae a wide range of issues to cooperate on,such as keeping sound economic growth in the global financial crisis,maintaining peace on the Korean Peninsula,the Middle East and protecting the environment on earth.
Published by Shanghai Daily, February 18,2009 on page A6
Francis Shieh a.k.a. Xie Shihao,author of "Philosophy of Mencius,"a noted follower of Confucianism.Listed at the Library of Congress www.loc.gov
Tuesday, February 17, 2009
Shanghai leads way in online shopping
Shanghai Daily,February 17,2009 on page B6:
The value is in excess of 100 billion yuan(US$14.6 billion) according to a report by iResearch Inc.
I have noticed consumers with buying spree in Shanghai since I arrived here on January 25,2009. Such situation is different from what I found in the USA with recession. However,I have also noted contraction in China as the result of global financial crisis.
On page B8: Bankrupt US car makers could crush recovery: Harley Shaiken,a University of California Berkeley labor economist does not think the Obama adminisration would risk bankruptcies given its efforts to create jobs. "We are clearly on the edge of that abyss right now. Going over it would do irreparable damage." I agree with him in toto as a former economist at the US Department of Labor.
Francis Shieh a.k.a. Xie Shihao on Wednesday,February 18, 2009 at 8.48 a.m. in Shanghai.
The value is in excess of 100 billion yuan(US$14.6 billion) according to a report by iResearch Inc.
I have noticed consumers with buying spree in Shanghai since I arrived here on January 25,2009. Such situation is different from what I found in the USA with recession. However,I have also noted contraction in China as the result of global financial crisis.
On page B8: Bankrupt US car makers could crush recovery: Harley Shaiken,a University of California Berkeley labor economist does not think the Obama adminisration would risk bankruptcies given its efforts to create jobs. "We are clearly on the edge of that abyss right now. Going over it would do irreparable damage." I agree with him in toto as a former economist at the US Department of Labor.
Francis Shieh a.k.a. Xie Shihao on Wednesday,February 18, 2009 at 8.48 a.m. in Shanghai.
Monday, February 16, 2009
Human Resources to be utilized in USA/China
Finding jobs should be the top priority as valuable human resources in USA and in China as well.
College graduates who work as village officials, rural teachers, rural doctors, or serve at communities of residential areas in the cities would get subsidies and proper coverage of social security.
Employers could get social security subsidies from the government, or exemption of some taxes.
China is also stepping up support for graduates starting up in business and launching a graduate trainee program.
Premier Wen gathers opinions from all walks of life, including grassroots representatives such as farmers,migrant laborers,college graduates,businessmen and school teachers. Published by the Shanghai Daily,Feb. 16,2009 page A3.
Page C5: Ouyang works on the model of Xuhui High School and Xujiahui Cathedral. I taught at St.Ignatius College(Xuhui High School)in Shanghai from 1945-1947.
Francis Shieh a.k.a. Xie Shihao,a graduate from St.John's University in Shanghai in 1946 on Feb. 16, 2009 at 8.48 p.m.
College graduates who work as village officials, rural teachers, rural doctors, or serve at communities of residential areas in the cities would get subsidies and proper coverage of social security.
Employers could get social security subsidies from the government, or exemption of some taxes.
China is also stepping up support for graduates starting up in business and launching a graduate trainee program.
Premier Wen gathers opinions from all walks of life, including grassroots representatives such as farmers,migrant laborers,college graduates,businessmen and school teachers. Published by the Shanghai Daily,Feb. 16,2009 page A3.
Page C5: Ouyang works on the model of Xuhui High School and Xujiahui Cathedral. I taught at St.Ignatius College(Xuhui High School)in Shanghai from 1945-1947.
Francis Shieh a.k.a. Xie Shihao,a graduate from St.John's University in Shanghai in 1946 on Feb. 16, 2009 at 8.48 p.m.
Sunday, February 15, 2009
Visit www.shanghaidailycom/buzzword
English rendering of Chinese phrases for your kind reference: Shanghai Daily Feb.15, 2009 on page B16
1. "Bai jia nu"in Pin Yin: Shopholic woman.
2. "Qiao shi li" in Pin Yin: Smart Power. Hard and soft power in a winning strategy. Hillary Clinton used it frequently. She pledged to use "smart power" to renew the nation's international leadership and deal with troubled spots. My comment: Chinese expression: "Hong lian and Bai lian" in Pin Yin: i.e. Red and White faces in Peking Drama to imply hard and soft power to try to win such encounter.
3. "Jing fen" in Pin Yin: duplicitous self-promoter - Pop stars use false IDs to leave flattering comments in their own blog postings.
4. "Heng li yi zu" in Pin Yin: Henry - Folks in US who earn $250,000 a year, but due to high taxes and other debts,the value of their accumulated assets has not reach US 3 million yet.
5. "shi cha dang" in Pin Yin: Time-difference Party - Folks who live in a different time zone compared with their friends in China. They share their online game with persons in another time zone so they can play the same game in shifts.
Francis Shieh a.k.a. Xie Shihao shares such info with readers on Monday,Feb.16,2009 at 8.55 a.m.
1. "Bai jia nu"in Pin Yin: Shopholic woman.
2. "Qiao shi li" in Pin Yin: Smart Power. Hard and soft power in a winning strategy. Hillary Clinton used it frequently. She pledged to use "smart power" to renew the nation's international leadership and deal with troubled spots. My comment: Chinese expression: "Hong lian and Bai lian" in Pin Yin: i.e. Red and White faces in Peking Drama to imply hard and soft power to try to win such encounter.
3. "Jing fen" in Pin Yin: duplicitous self-promoter - Pop stars use false IDs to leave flattering comments in their own blog postings.
4. "Heng li yi zu" in Pin Yin: Henry - Folks in US who earn $250,000 a year, but due to high taxes and other debts,the value of their accumulated assets has not reach US 3 million yet.
5. "shi cha dang" in Pin Yin: Time-difference Party - Folks who live in a different time zone compared with their friends in China. They share their online game with persons in another time zone so they can play the same game in shifts.
Francis Shieh a.k.a. Xie Shihao shares such info with readers on Monday,Feb.16,2009 at 8.55 a.m.
Saturday, February 14, 2009
"ENOUGH" by Bogle:Founder of Vangard Mutual Fund
Shanghai Daily, 14 February 2009 onpage A6: John C.Bogle is the author.
"After denouncing the American Financial system, the author calls for a return to America's 18th century values,reflected in the personality of Ben Franklin such as temperance,frugality,sincerity and humility.
Bogle writes convincingly withfacts and figures about the happy conspiracy on Wall Street to rob investors and line the pockets of a handful of greedy managers."
My comment: I remember Ben Franklin's aphorism: He who has a skill,has an estate. Such thought is elaborated in "Keys for Economic Understanding" www.Amazon.com online book catalog. I also remember Adam Smith as a moral philosopher without greed!
Francis Shieh a.k.a. Xie Shihao on Sunday,Feb.15,2009 in Shanghai at 7.22 a.m.
"After denouncing the American Financial system, the author calls for a return to America's 18th century values,reflected in the personality of Ben Franklin such as temperance,frugality,sincerity and humility.
Bogle writes convincingly withfacts and figures about the happy conspiracy on Wall Street to rob investors and line the pockets of a handful of greedy managers."
My comment: I remember Ben Franklin's aphorism: He who has a skill,has an estate. Such thought is elaborated in "Keys for Economic Understanding" www.Amazon.com online book catalog. I also remember Adam Smith as a moral philosopher without greed!
Francis Shieh a.k.a. Xie Shihao on Sunday,Feb.15,2009 in Shanghai at 7.22 a.m.
Friday, February 13, 2009
Alcoa sells stake and takes US$120m Levy
Shanghai Daily, February 13,2009 on page B1:
Alcoa Inc.,the largest United States alumninum producer, agreed to sell its interest in Rio Tinto Group to Alumninum Corp of China and take a US$120 million charge in the first quarter.
China's largest producer of alumninum, also known as Chinalco, will pay US$1 billion to redeem notes issued to Alcoa last year,New York-based Alcoa said in a statement.
Page A5: News for American musicians : -
The Shanghai Oriental Art Center will hold 13 concerts by 30 musicians from 9 countries from March to December as part of its 2009 Chamber Concedrfts by Promising Artists series.
Upcoming shows will include "The Night of BelCanto" from Canada,"Ensemble Salzburg"from Austria. "The Fidelio Trio" from Ireland, "Trio Mutano" from the Netherlands and a piano recital by Yi Wu. Piano recitals will be given by French pianist Edouard Ferlet,Romain Descharmes and Stephen Kovacevich.
The Shanghai Symphony Orchestra will hold 18 concerts as part of its Symphony Life season this year in the Shanghai Concert Hall,conducted by Russian Vladimir Fedoseyev.
Francis Shieh a.k.a. Xie Shihao with music appreciation in anticipation of American participation apropos of globalization of musicians in Shanghai soon?
February 14,2009 on Valentine's Day with Greetings to Sino-American Economics of Music for understanding humanity.
Alcoa Inc.,the largest United States alumninum producer, agreed to sell its interest in Rio Tinto Group to Alumninum Corp of China and take a US$120 million charge in the first quarter.
China's largest producer of alumninum, also known as Chinalco, will pay US$1 billion to redeem notes issued to Alcoa last year,New York-based Alcoa said in a statement.
Page A5: News for American musicians : -
The Shanghai Oriental Art Center will hold 13 concerts by 30 musicians from 9 countries from March to December as part of its 2009 Chamber Concedrfts by Promising Artists series.
Upcoming shows will include "The Night of BelCanto" from Canada,"Ensemble Salzburg"from Austria. "The Fidelio Trio" from Ireland, "Trio Mutano" from the Netherlands and a piano recital by Yi Wu. Piano recitals will be given by French pianist Edouard Ferlet,Romain Descharmes and Stephen Kovacevich.
The Shanghai Symphony Orchestra will hold 18 concerts as part of its Symphony Life season this year in the Shanghai Concert Hall,conducted by Russian Vladimir Fedoseyev.
Francis Shieh a.k.a. Xie Shihao with music appreciation in anticipation of American participation apropos of globalization of musicians in Shanghai soon?
February 14,2009 on Valentine's Day with Greetings to Sino-American Economics of Music for understanding humanity.
Thursday, February 12, 2009
Protectionism Plays with fire:Shanghai Daily 2/12A6
"As the US stimulus bill that contains the "Buy American" provision winds its way through the Congress on Friday,Feb.13th,its reverberations can be felt all over the world.
The US,supposedly the bulwark of free trade and the leading force behind globalization,appears to have strayed wildly from the very ideals it pledges to defend.
We don't have to be disciples of Adam Smith or David Richardo to reject protectionism. Economists of all stripes subcribe to the aphorism that protectionism destroys more jobs than it creates,beggar thy neighbor only infuriates your neighbor and in the end you both become beggars after a vicious game of tit for tat."
My comment: Adam Smith was a professor of moral philosophy and David Ricardo was an advocate of free trade. Free and open trade with morality and ethics would be the guidelines for peace and economic development in the world.
Francis Shieh a.k.a. Xie Shihao on Friday,February 13, 2009 at 11.52 a.m.
The US,supposedly the bulwark of free trade and the leading force behind globalization,appears to have strayed wildly from the very ideals it pledges to defend.
We don't have to be disciples of Adam Smith or David Richardo to reject protectionism. Economists of all stripes subcribe to the aphorism that protectionism destroys more jobs than it creates,beggar thy neighbor only infuriates your neighbor and in the end you both become beggars after a vicious game of tit for tat."
My comment: Adam Smith was a professor of moral philosophy and David Ricardo was an advocate of free trade. Free and open trade with morality and ethics would be the guidelines for peace and economic development in the world.
Francis Shieh a.k.a. Xie Shihao on Friday,February 13, 2009 at 11.52 a.m.
Sean Maguire:'Buy American' call can't create jobs
Shanghai Daily, Feb.12, 2009 on page A6: Counsel of AllBright Law Offices in Shanghai wrote: "When the US imposed the Smoot-Hawley Tariff in 1930, it helped set in motion a worldwide movement toward higher tariffs. When everyone attempted to restrict imports,the combined effect was a much deeper economic slump and it took many decades to unravel the accumulated trade restrictions that characterized that period. US lawmakers should reflect upon this." I agree with such wholeheartedly as an economist and I advocate free trade for mutual benefit to honor the Law of Comparative Advantage as I sent my previous blogs.
In an op-ed in the Wall Street Journal dated Feb.6, Princeton University Professor Burton G. Malkiel laid out his case against the "Buy American" provision inserted in the stimulus package.
Francis Shieh, an educator in the field of Economics on February 13, 2009 at 6.08 a.m.
In an op-ed in the Wall Street Journal dated Feb.6, Princeton University Professor Burton G. Malkiel laid out his case against the "Buy American" provision inserted in the stimulus package.
Francis Shieh, an educator in the field of Economics on February 13, 2009 at 6.08 a.m.
Wednesday, February 11, 2009
Debate over Mandarin/Wu dialect(Shanghainese)
Shanghai Daily,Feb.11,2009 on page A6:
There are some Shanghainese who look down on folks speaking a different dialect,especially one from a poorer region. These Shanghainese strut about chattering away conspicuously in Shanghai dialect to the befuddlement of whoever cannot speak it. Some Shanghainese even call anyone from a poorer place axiang or xiang'u'nin, derogatory terms similar to bumpkin,(literaly,coming from villages.) But not all Shanghainese are vain. Most are warm hearted as I do. I am a native of Shanghai since 1926 as an octogenarian now.
An article in a local paper says speaking Shanghai dialect in public is bad manners. What do you think? A native of Anhui said: "It is natural and reasonable. People have the right to speak their own language. Do in Rome as the Romans do." A teacher said:"Shanghai dialect is one of Shanghai's features. But it would be better for people to speask Mandarin on formal occasions." For details,read "A Glimpse of the Chinese Language" dedicated for such understanding. www.rand.org for information.
Francis Shieh,a native of Shanghai but I taught Mandarin and Wu dialect(Shanghai dialect mainly)in different US universities and institutions. I am a faculty at www.dictyon.net in Maryland,USA. Visit www.Google.com and search Francis Shieh.
Francis Shieh a.k.a. Xie Shihao or Zia in Shanghai dialect for my family name on February 11,2009 in Shanghai, China at 7.06 p.m.
There are some Shanghainese who look down on folks speaking a different dialect,especially one from a poorer region. These Shanghainese strut about chattering away conspicuously in Shanghai dialect to the befuddlement of whoever cannot speak it. Some Shanghainese even call anyone from a poorer place axiang or xiang'u'nin, derogatory terms similar to bumpkin,(literaly,coming from villages.) But not all Shanghainese are vain. Most are warm hearted as I do. I am a native of Shanghai since 1926 as an octogenarian now.
An article in a local paper says speaking Shanghai dialect in public is bad manners. What do you think? A native of Anhui said: "It is natural and reasonable. People have the right to speak their own language. Do in Rome as the Romans do." A teacher said:"Shanghai dialect is one of Shanghai's features. But it would be better for people to speask Mandarin on formal occasions." For details,read "A Glimpse of the Chinese Language" dedicated for such understanding. www.rand.org for information.
Francis Shieh,a native of Shanghai but I taught Mandarin and Wu dialect(Shanghai dialect mainly)in different US universities and institutions. I am a faculty at www.dictyon.net in Maryland,USA. Visit www.Google.com and search Francis Shieh.
Francis Shieh a.k.a. Xie Shihao or Zia in Shanghai dialect for my family name on February 11,2009 in Shanghai, China at 7.06 p.m.
Tuesday, February 10, 2009
Common Goal for health:Human capital in USA & China
ONIONS and GARLIC add zest to dishes: Shanghai Daily,Feb.10, 2009 on page C6:
According to researchers at the University of Wisconsin: It does not matter if they are chopped or sliced or added as a spicy garnish,onions have a natural blood thinning effect that can play an important role in cardiovascular health.
Onions are also recommended for hypertension. Scientists gave two to three tablespoons of onion essential oil per day to folks with moderately high blood pressure. They found that about 70% of folks had lower blood pressure,systolic level dropped an averasge of 25 points and diastolic readings dropped 15 points after consuming the onion essential oil. Fresh onions and garlic would be as effective in my thought!
Onions also stimulate insulin production in the body,thus are effective in lowering blood sugar. The higher the onion intake,the lower the level of glucose found during clinical tests.
A large percent of the world's garlic is grown in China. No wonder it is such a common ingredient in Chinese cuisine. Just like the onion, it has medicinal benefits.
Disregard teary eyes and bad breath,add onions and garlic to your diet in USA and in China. That is the common ground to maintain health as human capital of economics.
Francis Shieh, an octogenarian a.k.a. Xie Shihao on Wednesday,February 11,2009 in Shanghai at 10.18 a.m.
According to researchers at the University of Wisconsin: It does not matter if they are chopped or sliced or added as a spicy garnish,onions have a natural blood thinning effect that can play an important role in cardiovascular health.
Onions are also recommended for hypertension. Scientists gave two to three tablespoons of onion essential oil per day to folks with moderately high blood pressure. They found that about 70% of folks had lower blood pressure,systolic level dropped an averasge of 25 points and diastolic readings dropped 15 points after consuming the onion essential oil. Fresh onions and garlic would be as effective in my thought!
Onions also stimulate insulin production in the body,thus are effective in lowering blood sugar. The higher the onion intake,the lower the level of glucose found during clinical tests.
A large percent of the world's garlic is grown in China. No wonder it is such a common ingredient in Chinese cuisine. Just like the onion, it has medicinal benefits.
Disregard teary eyes and bad breath,add onions and garlic to your diet in USA and in China. That is the common ground to maintain health as human capital of economics.
Francis Shieh, an octogenarian a.k.a. Xie Shihao on Wednesday,February 11,2009 in Shanghai at 10.18 a.m.
Monday, February 9, 2009
MARRIOTT focus on China:Shanghai,Hangzhou,Suzhou,Nanjing
Shanghai Daily, Tuesday, 10 February 2009. Every country should develop international trade. Such rationale is in line with the Law of Comparative Advantage as I sent my past blogs. Plan for rural retail boom to boost job rolls:Chinese language comprises of moral aphorism that crystallizes aspects of education and economics. The idioms roll off the mouth(tongue) of folks daily reflecting Chinese wisdom of workers with inspiration.
Marriott international Inc.will open its 800th Courtyard hotel worldwide in Shanghai Xujiahui today.I lectured at Zheda,Hangzhou,Suzhou University and Nanjing University of Finance and Economics in 2002. Moreover, I taught at Xujiahui(St.Ignatius College then) from 1945-1947 before going to San Francisco,USA. This is the latest move by the international hospitality giant to strengthen its footprint in one of the fastest growing travel markets.
Francis Shieh a.k.a. Xie Shihao on Tuesday,February 10, 2009 at 12.08 p.m.
Marriott international Inc.will open its 800th Courtyard hotel worldwide in Shanghai Xujiahui today.I lectured at Zheda,Hangzhou,Suzhou University and Nanjing University of Finance and Economics in 2002. Moreover, I taught at Xujiahui(St.Ignatius College then) from 1945-1947 before going to San Francisco,USA. This is the latest move by the international hospitality giant to strengthen its footprint in one of the fastest growing travel markets.
Francis Shieh a.k.a. Xie Shihao on Tuesday,February 10, 2009 at 12.08 p.m.
Hans Christian Anderson's Mermaid ready for Expo
The Little Mermaid, the status of Hans Christian Anderson's fairytale character and one of Denmark's top tourist attraction will be boxed up and sent to China. It was first published in 1837 and has since been turned into a Walt Disney cartoon. It tells the story of a young mermaid who is willing to give up everything for the love of a prince. Who is the prince? A Manchurian Prince in Shanghai? Walt Disney is famous in USA and in China. Here is Sino-American Economics of Love regardless of race,color,age or national origin. America and China are united in humanity including Denmark and all other nations on earth for Expo 2010 in Shanghai to honor globalization of products.
Francis Shieh a.k.a. Xie Shihao with thoughtful reflections of the above for US-China cooperation and collaboration in the 21st century.
February 10,2009, a day after "Yuanxiao Festival" Lunar Jan.15th for the human family union in the 21st century and beyond...
Francis Shieh a.k.a. Xie Shihao with thoughtful reflections of the above for US-China cooperation and collaboration in the 21st century.
February 10,2009, a day after "Yuanxiao Festival" Lunar Jan.15th for the human family union in the 21st century and beyond...
Hundreds of brilliant lanterns at a Fine Food Street
For a simple lunch, we ordered sparerib with sticky rice cake at a restaurant named "Delectable to the Utmost" i.e."Xiandelai" in Pin Yin system of romanization as a rhetorical expression. What a good fun to see such beautiful terminology!
As the annual lantern show is underway in the classical Chinese tradition,visitors are pouring into the site. The warmth and spirit of the Chinese Lunar New Yedar are everywhere. It is expected to be light, bright,crowded and cheerful.
The lantern show runs through February 12th. The night of Lantern Festival itself is today,Monday, February 9th in the Year of the Ox/Cow. On the very night, a night of families,folks traditionally walk in the street and carry lanterns,often shaped like the zodiac animal of such year i.e. Ox/Cow in 2009. Some neighborhoods organize walks and children parading with their animal lanterns to be endearing and memorable.
It is a time of family togetherness and eating glutinous rice dumplings;(yuanxiao) round being the symbol of family unity and togetherness.
I do enjoy such Chinese tradition with Chinese culture as a native of Shanghai since 1926. It is great to be back to Shanghai to relive my childhood days.
Francis Shieh a.k.a. Xie Shihao on Monday,February 9,2009 a misty day with overcast. We took a public bus with 2 TV screens on the bus for passengers' enjoyment. That is quite an experience for me.
As the annual lantern show is underway in the classical Chinese tradition,visitors are pouring into the site. The warmth and spirit of the Chinese Lunar New Yedar are everywhere. It is expected to be light, bright,crowded and cheerful.
The lantern show runs through February 12th. The night of Lantern Festival itself is today,Monday, February 9th in the Year of the Ox/Cow. On the very night, a night of families,folks traditionally walk in the street and carry lanterns,often shaped like the zodiac animal of such year i.e. Ox/Cow in 2009. Some neighborhoods organize walks and children parading with their animal lanterns to be endearing and memorable.
It is a time of family togetherness and eating glutinous rice dumplings;(yuanxiao) round being the symbol of family unity and togetherness.
I do enjoy such Chinese tradition with Chinese culture as a native of Shanghai since 1926. It is great to be back to Shanghai to relive my childhood days.
Francis Shieh a.k.a. Xie Shihao on Monday,February 9,2009 a misty day with overcast. We took a public bus with 2 TV screens on the bus for passengers' enjoyment. That is quite an experience for me.
Saturday, February 7, 2009
Jeremy Siegel,Professor of Finance at Wharton
The most significant cause of the worst financial crisis the world has seen since the Great Depression,according to Prof. Siegel: Financial firms bought, held and insured large quantities of risky, mortgage related assets on borrowed money. Fiery high-risk rings lure reckless bankers. Such analysis is in clear evidence.
Explaining his theory further, Siegel pointed out that many troubled banks and insurers continued to prosper in almost every other aspect of their businesses right up to the 2008 meltdown.
The exception was the billions of dollars in mortgage-backed securities that they bought and held on to or insured even after UShome prices went into a free-fall more than two years ago.
Siegel said: "I am actually an optimist, I think by the second half of this year,things might turn around faster than people are now predicting."
According to Siegel,monetary policy has failed to stimulate the US economy. The viable solution open to American policy makers is Keynesian fiscal policy, a stimulus program that lowers taxes or increases government spending or both. Let us wait and see the results in the days to come.
I would recommend Manpower policy as I sent my last blog to such effect.
Francis Shieh a.k.a. Xie Shihao on Saturday,February 7,2009.
Explaining his theory further, Siegel pointed out that many troubled banks and insurers continued to prosper in almost every other aspect of their businesses right up to the 2008 meltdown.
The exception was the billions of dollars in mortgage-backed securities that they bought and held on to or insured even after UShome prices went into a free-fall more than two years ago.
Siegel said: "I am actually an optimist, I think by the second half of this year,things might turn around faster than people are now predicting."
According to Siegel,monetary policy has failed to stimulate the US economy. The viable solution open to American policy makers is Keynesian fiscal policy, a stimulus program that lowers taxes or increases government spending or both. Let us wait and see the results in the days to come.
I would recommend Manpower policy as I sent my last blog to such effect.
Francis Shieh a.k.a. Xie Shihao on Saturday,February 7,2009.
Friday, February 6, 2009
Joseph Stiglitz,Nobel Winner in Economic Science 2001
"Davos gloom,doom and dread of fresh trade protectionism": Published by Shanghai Daily,February 6,2009 on page A6: I sent my prior blog to the same issue dated January 23,2009.
Central bankers' belief that controlling inflation was necessary and almost sufficient for growth and prosperity had never been based on sound economic theory; now,the crisis provided further skepticism." Milton Friedman of the Monetarist school may be challenged by economist Walter Heller of the school of Fiscalists. I recall the debate between Professor Galbraith and Professor Friedman in "Contemporary Economics" textbook by Milton Spencer of Cornell University who cited "Keys for Economic Understanding" as a reference. I donated such books to Jiaotong University Library in Shanghai years ago.
"While no one from the Bush or Obama administrations attempted to defend American-style free-wheeling capitalism, European leaders argued for their social market economy,their gentler form of capitalism with its social protections, as the model for the future." The model for China's economy maybe a useful reference,indeed.
"Leaders in labor are concerned about the working men and women as the financial community lacks remorse. American financiers were the perpetrators and they were continuing to hold a gun to the heads of governments,demanding massive baitouts and threatening economic collapse otherwise.
US Federal Reserve's reputation was marred by massive monetary policy failures in recent years - to manage the massive buildup of debt and liquidity." Professor Galbraith criticized Alan Greenspan in "Keys to Economic Understanding" www.Amazon.com online book catalog for reference.
"President Obama seems to be offering a needed boost to American leadership after the dark days of George W. Bush." I endorse President Obama's change for betterment in the name of the American people.
Professor Stiglitz is at Columbia University. I remember one of my students at Guangzhou Institute of Foreign Trade was his interpreter in 1992. The student
subsequently joined the Department of Economics at Princeton University.
Francis Shieh a.k.a. Xie Shihao in Shanghai,February 7,2009 at 9.40 a.m.
Central bankers' belief that controlling inflation was necessary and almost sufficient for growth and prosperity had never been based on sound economic theory; now,the crisis provided further skepticism." Milton Friedman of the Monetarist school may be challenged by economist Walter Heller of the school of Fiscalists. I recall the debate between Professor Galbraith and Professor Friedman in "Contemporary Economics" textbook by Milton Spencer of Cornell University who cited "Keys for Economic Understanding" as a reference. I donated such books to Jiaotong University Library in Shanghai years ago.
"While no one from the Bush or Obama administrations attempted to defend American-style free-wheeling capitalism, European leaders argued for their social market economy,their gentler form of capitalism with its social protections, as the model for the future." The model for China's economy maybe a useful reference,indeed.
"Leaders in labor are concerned about the working men and women as the financial community lacks remorse. American financiers were the perpetrators and they were continuing to hold a gun to the heads of governments,demanding massive baitouts and threatening economic collapse otherwise.
US Federal Reserve's reputation was marred by massive monetary policy failures in recent years - to manage the massive buildup of debt and liquidity." Professor Galbraith criticized Alan Greenspan in "Keys to Economic Understanding" www.Amazon.com online book catalog for reference.
"President Obama seems to be offering a needed boost to American leadership after the dark days of George W. Bush." I endorse President Obama's change for betterment in the name of the American people.
Professor Stiglitz is at Columbia University. I remember one of my students at Guangzhou Institute of Foreign Trade was his interpreter in 1992. The student
subsequently joined the Department of Economics at Princeton University.
Francis Shieh a.k.a. Xie Shihao in Shanghai,February 7,2009 at 9.40 a.m.
Thursday, February 5, 2009
Asian economies can weather crisis: Jaspal Bindra
Jaspal Bindra is the author and is Chief Executive Asia for Standard Chartered Bank. "After the turmoil of 2008, the world is yearning for a period of relative calm, trying to avoid a drastic downturn." That remains to be seen but so far so good!
Calculations by Stabdard Chartered's economist Nicholas Kwan show that even if developing Asia's exports to the US,Europe and Japan drop by 30% in 2009, a bigger decline that seen during the 2001-2002 downturn, it would shave off only about 1.5% from the region's combined GDP. China keeps weather eye to ride out this storm as financial system was somewhast insulated from global turmoil with flexibility.
The ever-growing middle class of emerging Asia-a group that has saved prodigiously during the boom times - will need to pick up some of the slack left by the withdrawal of Western consumers. The middle class in Asia,excluding Japan,is comprised of more than 250 million people. This is the segment that is willing to pare downsavings and take on debt to go on overseas holidays, buy homes and cars, eat out at restaurasnts and continue to buy goods.
I have been witnessing such trends in China especially in Shanghai. I sent my past blog entitled "Paradox of Thrift" to be relevant to China in particular. The middle class in the USA is shrinking as per the research report years ago by Brookings Institution but we have faith,hope and charity for those who are suffering from financial crisis in America.
Francis Shieh a.k.a. Xie Shihao,an independent observer of Sino-American economics in action in USA and in China.
February 6,2009 at 3.26 p.m. in Shanghai,China
Calculations by Stabdard Chartered's economist Nicholas Kwan show that even if developing Asia's exports to the US,Europe and Japan drop by 30% in 2009, a bigger decline that seen during the 2001-2002 downturn, it would shave off only about 1.5% from the region's combined GDP. China keeps weather eye to ride out this storm as financial system was somewhast insulated from global turmoil with flexibility.
The ever-growing middle class of emerging Asia-a group that has saved prodigiously during the boom times - will need to pick up some of the slack left by the withdrawal of Western consumers. The middle class in Asia,excluding Japan,is comprised of more than 250 million people. This is the segment that is willing to pare downsavings and take on debt to go on overseas holidays, buy homes and cars, eat out at restaurasnts and continue to buy goods.
I have been witnessing such trends in China especially in Shanghai. I sent my past blog entitled "Paradox of Thrift" to be relevant to China in particular. The middle class in the USA is shrinking as per the research report years ago by Brookings Institution but we have faith,hope and charity for those who are suffering from financial crisis in America.
Francis Shieh a.k.a. Xie Shihao,an independent observer of Sino-American economics in action in USA and in China.
February 6,2009 at 3.26 p.m. in Shanghai,China
Perking up depressed economy by J.Bradford DeLong
The author is a former assistant US Treasury Secretary in the Clinton administration and is a professor of economics at the University of California at Berkeley. Copyright: Project Syndicate,2009. www.project-syndicate.org TO WIT:
"When you have only two tools left,neither of which is perfect for the job, the rational thing is to try both- credit policy and fiscal policy."
In 1970s,I compared notes apropos of fiscal policy and monetary policy with the late Arthur Burns,former Chairman of the Board of Governors at Federal Reserve Board,former professor of economics at Columbia University in reaching our mutual agreement as follows:
Monetary and fiscal policies cannot operate in a vacuum,Manpower Policy is needed to train and retrain workers to have marketable skills. "Keys for Economic Understanding" is dedicated for such objective. Cf.www.Amazon.com online book catalog. Such reference is useful in the 20th century and would be more relevant in the 21st century to recover US economy in the years to come re training and retraining workers to supply the changing demand of the American society for OBAMA administration.
Francis Shieh a.k.a. Xie Shihao on February 6,2009 at 11.38 a.m.
"When you have only two tools left,neither of which is perfect for the job, the rational thing is to try both- credit policy and fiscal policy."
In 1970s,I compared notes apropos of fiscal policy and monetary policy with the late Arthur Burns,former Chairman of the Board of Governors at Federal Reserve Board,former professor of economics at Columbia University in reaching our mutual agreement as follows:
Monetary and fiscal policies cannot operate in a vacuum,Manpower Policy is needed to train and retrain workers to have marketable skills. "Keys for Economic Understanding" is dedicated for such objective. Cf.www.Amazon.com online book catalog. Such reference is useful in the 20th century and would be more relevant in the 21st century to recover US economy in the years to come re training and retraining workers to supply the changing demand of the American society for OBAMA administration.
Francis Shieh a.k.a. Xie Shihao on February 6,2009 at 11.38 a.m.
World Expo 2010 in Shanghai, China
The European Union(EU) confirmed it will make its World Expo debut at the 2010 Shanghai World Expo.
China hs been the largest importer to the EU since 2007,while the EU is China's biggest trading partner. Trading between the two sides reached US$425.58 billion in 2008, almost 20% up on the previous year.
It is significant to learn that the growth rate of Sino-EU trade volume was 9% points over the Sino-US volue in 2008.
The EU is the 231st participant in the Expo 2010 which has attracted 185 countries and 46 international organizations. All 27 member states of the European Union have confirmed participation.
Francis Shieh a.k.a. Xie Shihao,a lifelong student of global economic activities to be shared with readers of www.Sino-American economics.
February 6, 2009 at 11 a.m.
China hs been the largest importer to the EU since 2007,while the EU is China's biggest trading partner. Trading between the two sides reached US$425.58 billion in 2008, almost 20% up on the previous year.
It is significant to learn that the growth rate of Sino-EU trade volume was 9% points over the Sino-US volue in 2008.
The EU is the 231st participant in the Expo 2010 which has attracted 185 countries and 46 international organizations. All 27 member states of the European Union have confirmed participation.
Francis Shieh a.k.a. Xie Shihao,a lifelong student of global economic activities to be shared with readers of www.Sino-American economics.
February 6, 2009 at 11 a.m.
Georgetown University Professor Michael Czinkota
"Shanghai Daily", February 5, 2009 on page A6 published Professor Czinkota's article: Trade,not barriers,keeps economies primed for stimulus recovery. Such rationale is the same as my past blogs especially the one dated January 23, 2009. www.Google.com to click on Sino-American economics.
"President Obama is defining his economic stimulus plan. In the US, trade related activities comprise more than 25% of its economic activities - which is more than the housing and banking sectors combined. Trade also accounted for the entire US economic growth in the past year. Trade issues definitely qualify for top priority, but seem to be neglected so far.
The world depends on continuity in trade. The global economic outlook,competition and consumer choice are shaped by trade flows and currency values. For many nations,the promotion of exports must have a central place in their economic recovery package. In the US,the national debate about economic recovery includes many lessons from the Great Depression.
There is growing concern among US trading partners that the new Congress and administration might introduce a new era of US protectionism. The world economies are intertwined. Any stimulus measure of one nation is likely to rapidly affect others and trigger responses. Discussions of US economic improvements must include a focus on global recovery. Countries must be able and willing to buy each other's goods - in an increasing quantity - if world economies are to blossom." I should add that the "LAW OF COMPARATIVE ADVANTAGE" must be understood by all concerned.
Francis Shieh a.k.a. Xie Shihao,a native of Shanghai since 1926 and an alumnus of Georgetown University Graduate School,Class of 1950. My concentration is related to international studies with particular focus on Sino-American economics as included in my doctoral dissertation entitled "Work and Study Cycle Theory" listed at Georgetown University Library online catalog and the Library of Congress online catalog.www.loc.gov. I am now visiting Shanghai from January 25, 2009 through February 24, 2009. E-mail:fs33@georgetown.edu February 6, 2009 at 8.22 a.m.
"President Obama is defining his economic stimulus plan. In the US, trade related activities comprise more than 25% of its economic activities - which is more than the housing and banking sectors combined. Trade also accounted for the entire US economic growth in the past year. Trade issues definitely qualify for top priority, but seem to be neglected so far.
The world depends on continuity in trade. The global economic outlook,competition and consumer choice are shaped by trade flows and currency values. For many nations,the promotion of exports must have a central place in their economic recovery package. In the US,the national debate about economic recovery includes many lessons from the Great Depression.
There is growing concern among US trading partners that the new Congress and administration might introduce a new era of US protectionism. The world economies are intertwined. Any stimulus measure of one nation is likely to rapidly affect others and trigger responses. Discussions of US economic improvements must include a focus on global recovery. Countries must be able and willing to buy each other's goods - in an increasing quantity - if world economies are to blossom." I should add that the "LAW OF COMPARATIVE ADVANTAGE" must be understood by all concerned.
Francis Shieh a.k.a. Xie Shihao,a native of Shanghai since 1926 and an alumnus of Georgetown University Graduate School,Class of 1950. My concentration is related to international studies with particular focus on Sino-American economics as included in my doctoral dissertation entitled "Work and Study Cycle Theory" listed at Georgetown University Library online catalog and the Library of Congress online catalog.www.loc.gov. I am now visiting Shanghai from January 25, 2009 through February 24, 2009. E-mail:fs33@georgetown.edu February 6, 2009 at 8.22 a.m.
Monday, February 2, 2009
Reflection of Premier Wen's speech at Cambridge University,UK for US reference
Adam Smith: "The Wealth of Nations" is the well-known contribution in Western economics. But Adam Smith was a professor of moral philosophy. Here we can detect the need of ethics and morality in economics.
Premier Wen pointed out the need of cooperation and collaboration of UK and China and vice versa for mutual benefit for the wellbeing of peoples in the world re globalization to resolve the issues of financial crisis at the present time. US has cultural tradition with UK as known in history for Anglo-American background.
Confucianism is the custom and tradition of China to be spread to Japan,Korea with aphorism of responsibility of individual,family and to the nation.
It is our great mission to strive to the ideal goal for reconciling the West and the East in the field of economics for welfare of humanity.
I have sent my previous blogs re confidence,ethics and morality. Premier Wen's theme does dovetail with the essence and substance of economics and philosophy of life.
Francis Shieh a.k.a. Xie Shihao in Shanghai,China on February 3, 2009 at 9.58 a.m.
Premier Wen pointed out the need of cooperation and collaboration of UK and China and vice versa for mutual benefit for the wellbeing of peoples in the world re globalization to resolve the issues of financial crisis at the present time. US has cultural tradition with UK as known in history for Anglo-American background.
Confucianism is the custom and tradition of China to be spread to Japan,Korea with aphorism of responsibility of individual,family and to the nation.
It is our great mission to strive to the ideal goal for reconciling the West and the East in the field of economics for welfare of humanity.
I have sent my previous blogs re confidence,ethics and morality. Premier Wen's theme does dovetail with the essence and substance of economics and philosophy of life.
Francis Shieh a.k.a. Xie Shihao in Shanghai,China on February 3, 2009 at 9.58 a.m.
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