Word: nationalism
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...surprised to learn that fully a fifth of China's currency reserves was composed of their bonds. Small wonder. Having spent much of the past decade intervening on currency markets to prevent the appreciation of its renminbi, China has accumulated a huge hoard of dollar-denominated bonds. No foreign nation stands to lose more from a U.S. financial collapse...
...year ago - was the exception. But the loss of confidence underlying it is every banker's worst nightmare - and every bank regulator's, too. At Bradford & Bingley, staff were given forms to hand out to customers explaining what had happened and why their money was safe. Elsewhere, it was national authorities who sought to reassure, most notably in Ireland, where the government announced an unprecedented $560 billion guarantee to cover the deposits and debts of the nation's six biggest banks for the next two years...
...push through that package, there's a crucial difference between the U.S. response and the European one: in Washington, Treasury Secretary Hank Paulson has been working closely with Fed Chairman Ben Bernanke to craft a systemic response to what has turned into a systemic crisis. In the 27-nation European Union, by comparison, there is no single bank regulator and no mechanisms by which to craft a comprehensive solution that crosses national borders. The result is what Daniel Gros of the Centre for European Policy Studies calls the "balkanization" of European banking, with national authorities struggling on their...
...attacking Obama's "lipstick on a pig" comment, the campaign clearly established itself as willing to engage in frivolous, small-ball distractions, a disposition that served McCain poorly when he pivoted and tried to portray himself as a sober statesman willing to halt his campaign to deal with the nation's financial meltdown. Most recently, McCain rolled out an ad calling on a new spirit of bipartisanship and cooperation in the nation's capital only a day after blaming the House of Representatives' defeat of the Administration's bailout bill on Democrats and Obama...
...weekend, when I found myself (these things happen) at dinner with three Swedish entrepreneurs. They were, as you would expect, fun, clever, technologically up to the minute. And I thought: What do Sweden and China have in common? Just this, perhaps: one already rich, one rapidly becoming richer, neither nation is in thrall to American verities on the ways in which societies should be organized...