Wednesday, January 05, 2011

Business As Usual In The New Versailles And Elsewhere

Everything old is new again. 

Immediately after taking power, self-styled reformers abandon their promises to solve fiscal problems.  What could have been a significant move is now merely tokenism. 

The same reformers line up to collect business cards in return for promises of future aid.  Say hello to the new boss . . . same as the old boss.

Leaders may have missed a few things while they were busy learning the ropes.  They might have seen the World Bank issuing its first yuan-based bonds.  The bank can probably see who its future largest shareholder will be. 

Leaders may have seen this prediction of Chinese leadership in the IPO market.  Or they may have missed it, if their Wall Street masters told them to look the other way. 

I try to see things other people might miss.  It's the only way I know to prepare for a future in which the country of my birth will not be the world's hegemon.