Journal zogger's Journal: The rout 4
China is going to just *ignore* some over the counter derivatives contracts as just being too freaking stupid to allow them to go forward and take the bad bet losses (this is my translation from high level diplo-weasel-speak). For real. More dumping toxic western paper financial "products" before they get suckered in more. The government there is smart enough to see that trading in these looney tunes things is damaging their economy in a lot of ways, so they are going to let some selected big fatcats there to just *walk away* from them. Now my guess is this is just the beginning, and it's all part of the blooming rout that is building up for some massive planetary economic realignments.
http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSSP473274
Japan has a brandee new government, after half a century of almost a pure one party rule, that is going to be more independent and also rein in the corporatist axis of maximum ripoffs with the bureaucracy/banks and "industry" that has made them be over exposed and subject to sudden shocks over the last 50 years. Under that axis they now have their first deficit in near 30 years and the people there are scared because they are so export driven and want some constructive change, not more of the same. They are just too vulnerable with lack of energy and raw resources to take any chances, and they can't rely on the west anymore and "business as usual" and no way could they ignore the Chinese might in gobbling up markets. So I'll call it another arrow in the rout quiver, just more clues.
http://www.reuters.com/article/worldNews/idUSTRE57R01R20090901
Link (Score:2)
The first link doesn't work.
hmmmm (Score:1)
My copy and paste-fu failed me, I'll try again, this time with added clicky
china and derivatives contracts [reuters.com]
Japan and new government promise some changes [reuters.com]
checked, clicked, works, sorry about the other..
BTW (Score:1)
Interesting new site! Some of the videos slop over on the text though, but all in all, cool!
Re: (Score:2)
Thanks.
I'm trying to clean it up so it is compliant, yet still displays in all browsers.
So far I've earned $3.48 in ad revenue! Woo hoo! :-)