Word: china
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...China's growth is that there's lots of building and selling but not much innovation. In many areas of the economy, that's true - and the same could have been said for the growth of the United States at the end of the 19th century. But in the areas of media and the Internet, it isn't. There, China has a thriving culture of thirtysomething entrepreneurs, many with U.S. work experience, who are creating home-grown franchises catering to the burgeoning world of the web in China. Baidu, the rival search engine to Google, is most in the news...
...China's efforts to censor and monitor the web represent a challenge to the uncontested hegemony of Western business and to the dominance of Silicon Valley in the world of new technologies. That story - of China's emergence and a burgeoning world of hungry entrepreneurs not willing to play second fiddle to America - is the backstory for the Google imbroglio and one that is about to assume center stage...
Zachary Karabell is the author of "Superfusion: How China and America Became One Economy and Why the World's Prosperity Depends On it" (Simon & Schuster 2009) and president of River Twice Research (www.rivertwice.com...
...Blame China, Saudi Arabia and, yes, Canada...
...China, contending with a huge trade surplus with the U.S., bought more and more Treasury bonds, pushing down yields and making Treasuries less attractive to other foreign investors. As a result, the rising demand for higher yielding U.S. debt opened the door for Wall Street investment bankers to spin out new classes of fixed-income securities, most notably collateralized debt obligations or CDOs. Much of the money raised by those investments was funneled in the mortgage market. That gave lenders the ability to make more loans, allowing more people to buy houses and push up real estate prices. Many...