Word: sovereignities
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...Echoing a call made by Zhou Xiaochuan, its governor, in March, China's central bank advocated a new global reserve currency in its annual financial-stability report released last Friday. Raising concerns of a move away from the dollar as the world's reserve, the proposal for a "super-sovereign" coin nudged down the greenback vs. a host of major currencies. That may have been a tad more impact than Zhou was seeking: with something like two-thirds of China's roughly $2 trillion of foreign-currency reserves held in dollars, the lower a buck goes, the less China...
...eldest son of character actor John Carradine, whose itinerant career he replicated, David won a Theatre World Award on Broadway as an Inca sovereign in 1965's The Royal Hunt of the Sun. In his Kung Fu decade, he starred for Martin Scorsese (Boxcar Bertha) and Ingmar Bergman (The Serpent's Egg), drove killer cars in Death Race 2000 and Cannonball and folded his towering frame into the pint-size legend of Woody Guthrie in Bound for Glory--gutsy, exemplary films...
...asked Mashaal if his language implied that he accepted, de facto, a Jewish state called Israel. "Don't conclude this," he said. "These are the names they call themselves ... Once the Palestinians are enabled to have a sovereign state, then they can be asked whom they recognize." And yet, calling Israelis by the name they call themselves seemed a different sort of body language. The meaning of this new tone can be debated. Part of it may be attributable to the terrible military defeat Hamas suffered in Gaza, a recognition, finally, that Israel is simply not going away. Or Mashaal...
...assets in other parts of the world beaten down by the recession, the fight over whether some assets are "too big to be bought" is heating up. There have been rumors that Chinese car companies might bid for auto brands in the U.S. and Europe. China's sovereign fund may be a bidder for AIG's (AIG) huge airplane lease division ILFC...
While oil revenues were flowing, sovereign wealth funds acquired foreign assets with the flair of peacocks. The humility that typified the past was supplanted by conspicuous consumption. Yes, all that infrastructure and new property that was built still exists - but its quality and engineering is, in many cases, dubious. (See pictures of migrant workers in the Gulf...