Thursday, August 28, 2008

Cracks in the Empire (Michael Rozeff)

Michael Rozeff on the rise and inevitable fall of the American empire:

Building an empire is one thing. Preserving it is quite another.

"If the U.S. government allows Fannie and Freddie to fail and international investors are not compensated adequately, the consequences will be catastrophic. If it is not the end of the world, it is the end of the current international financial system. The seriousness of such failures could be beyond the stretch of people's imagination." These are the words of Yu Yongding, who is a Professor in Beijing and a former advisor to China’s central bank (August 22, 2008, in Bloomberg news).

We should listen to Prof. Yongding.

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