With the dollar under attack as the reserve currency and the Treasury exploding budget levels to unprecedented levels, the power in finance is shifting. (Unprecedented is becoming over used since it is now always happening.) Power is not in Europe which has the disfunction of a central bank for the EU but a weak EU government. It is not the US where Tim Geithner is perceived as a weak Treasury secretary and Ben Bernenke is up to his eyeballs in problems. It is not England which is falling down under the weight of QE and huge deficits.
The power in finance is the happy man in the picture, Zhou Xiaochuan, the governor of the People's Bank of China. With a his pushing of a review of reserve currencies or his statements on the US economy, he and his crew are the people of finance to watch.
The power in finance is the happy man in the picture, Zhou Xiaochuan, the governor of the People's Bank of China. With a his pushing of a review of reserve currencies or his statements on the US economy, he and his crew are the people of finance to watch.
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