Wednesday, April 8, 2015

Mind's Eye Re: The new Chinese gold standard

My father worked for an insurance company for most of his career and now my son works for the same company. It does not change my opinion that insurance, in its various forms, costs us a large chunk of our income with inadequate returns. A real raid of wealth designed to keep the top and middle in place. I understand the whole ponzi econ model and have lived long enough to feel the sing of several bust periods of boom bust boom. I am still left with the conundrum of having do do something with my money for it to carry me into the future after my career options have vanished. Not many places left to put it that the raiders haven't found.

I can't think of an era or culture that was any different and able to function without collapse. But would love to find one.

On Sunday, March 29, 2015 at 9:28:24 AM UTC-4, Molly wrote:
The new Chinese bank established with a gold standard is gaining momentum on the international stage. How will this effect the world economy? These quotes from Bloomberg:

China's clout has been expanding for decades, as its rapid growth allowed it to snap up a rising share of the world's resources, its exports penetrated global markets, and its bulging financial assets gave it power to make big individual loans and purchases. Now, the creation of international lending institutions is leveraging that economic influence closer to the political and diplomatic arenas, as U.S. allies defy America to back China's initiative.


"This is the beginning of a bigger role for China in global affairs," said Jim O'Neill, U.K.-based former chief economist at Goldman Sachs Group Inc., who coined the term BRICs in 2001 to highlight the rising economic power of Brazil, Russia, India and China…


Chinese President Xi Jinping's vision of achieving the same great-power status enjoyed by the U.S. received a major boost this month when the U.K., Germany, France and Italy signed on to the Asian Infrastructure Investment Bank. The AIIB will have authorized capital of $100 billion and starting funds of about $50 billion.


Canada is considering joining, which would leave the U.S. and Japan as the only Group of Seven holdouts as they question the institution's governance and environmental standards.


China, flush with the world's biggest foreign-exchange reserves and anxious to convert them into "soft power", is building an alternative architecture. It has proposed not just the AIIB, but a New Development Bank with its "BRICS" partners—Brazil, Russia, India and South Africa—and a Silk Road development fund to boost "connectivity" with its Central Asian neighbours…



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