It is not surprising that countries like Nigeria who are in the forefront of global peacekeeping mission is now in the forefront of reviewing the so called Rules of Engagement, so that the forces are well armed and has the order to defend and launch assaults. Most people with no knowledge of military operation or peace operations might probably think a peacekeeping mission is just what it is ‘peacekeeping’ but truly a peace mission is a pure military operation and it involves full combat. Peacekeeping should therefore be an enforcement operation as advocated for in the just ended seminar in Lagos Nigeria and as rightly said by the Nigerian President: “as the President of Nigeria, I would not want to lose one soldier carelessly. A situation where militia groups will ambush law abiding international teams that go to their countries to ensure that they live in peace is totally unacceptable.

If the push for this review does scale through, I do not suppose the number of soldiers lost to peacekeeping missions abroad would remain high as it is today. Not even in war situations sometimes do you have such numbers of casualties as in these operations. More so that these soldiers are poorly equipped, they shouldn’t be made to die in a senseless and non dignifying way. Let’s not forget that these soldiers have families back at home and that they are the breadwinners of their families. And leaving their fatherland to go risk their lives for the peace and freedom of other nations is a move that should be respected by the UN and AU. I am happy that 18 countries have currently approved the move for a review at least if not of the Rules of Engagement by of Enforcement.

At least now we know that when we are sending out troops to foreign lands for peace operations, we are not just giving them guns that would not spit out a single fire even if militia groups unleash hell on them all in the name of international law; but with the gun, would also give them the power to enforce peace and protect themselves in the face of attack. I do hope that the world leaders would rally round and support this move so that a repeat of the Darfur experience would not come to play anymore and the policy makers need to get out of their comforts to know what practicalities go round in troubled zones.

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Industry experts said the recent appreciation of the dollar’s ongoing re-made the United States swung “stick rate”, once again put pressure on the RMB exchange rate, given that the U.S. has not yet rid of the sluggish economic recovery and employment difficulties, the United States this year is likely there will be The action, while the U.S. pressure on China’s pressure will extend into next year and China-US Joint Commission on Strategic and Economic Dialogue.

This year in October, the U.S. mid-term elections, U.S. House of Representatives voted to the so-called undervalued currencies of countries to impose special tariffs “to promote fair trade in the currency reform bill,” urge the Senate passed the bill voice once reached a climax. However, after a period of time, the world to refocus on the U.S. policy of quantitative easing, the “pressure of RMB appreciation” of the topic seems to gradually fade from view.

However, the last two weeks, the United States, said the currency issue was to get things. In addition to the Ministry of Commerce warning of the two senators of “lobbying” action, according to media reports, November 15, which is resumed after the election the first day of the Congress by the U.S. industry, trade unions and 46 agricultural and industrial composition of guilds “Fair Currency Alliance,” had planned to visit each and every senator to promote the end of December this year the Senate before the end of this Parliament, through the RMB exchange rate against the bill. US-China Economic Security Review Commission (U. S .- C hinaE conom icandSecurityR eview Com m ission) 11 月 17 日 also in the annual report to Congress that the U.S. will put pressure on the Ministry of Finance should make it officially listed in China into a “currency manipulator” in the list, and at the international level the yuan currency undervalued to respond.

Institute of International Relations in the World Economy Research Institute Chen Fengying accept the “Economic Information Daily,” an interview that the United States put pressure on RMB exchange rate to restart the main background is not out of the U.S. economic recovery and the plight of the employment downturn. Her analysis, although the midterm Congressional elections, the political momentum factor diminished, but the U.S. economic problems still exist. The second round of quantitative easing (Q E2) led to a lot of money by way of hot money flows to international markets, but its economic recovery is still weak, employment is still not recovered. The recent summit of the Group of Twenty meeting on the United States since the introduction of QE 2 and become the target, prompting the United States emotional re-brewing.

China Foreign Economic and Trade University, the International Monetary Research Center Sun Huayu also on the “Economic Information Daily” the reporter said, continuing U.S. trade deficit in the case of exports to the U.S. government to promote long-term policy objectives, and to expand U.S. exports to China is crucial. Therefore, the RMB is renewed controversy thing makes sense, and the term of office in the Obama administration, the pressure of RMB appreciation will be the usual means.

“The recent appreciation of the dollar’s ongoing pressure of the yuan is also important to the United States and then one of the reasons.” Sun Huayu said. Dollar began to rebound from early November, by the Irish crisis and chaos of the Korean Peninsula, the dollar index has risen 80 points this round over. “The Irish crisis, the dollar appreciated against the euro has been in the U.S. view, the appreciation of the RMB against the U.S. dollar into a devaluation from the original, lower than previous expectations of RMB appreciation. Want to have not achieved, the United States also has the power to push the yuan exchange rate pressure. In fact, this power of the United States is currently very strong. “reporter noted that on November 10 after the dollar against the yuan central parity is basically out of a rising curve. 29, the central parity of RMB against the U.S. dollar sharply higher again than the previous session 147 basis points.

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So far, countries have been exhausted in just ten years the equivalent of one third. If emissions continue to be the same track in 2020, countries had to face a sharp reduction of emissions in the future reality; Unfortunately, according to people close to the negotiations say – this is believed the U.S. delegation, will appear in 2020 technological leap, in order to achieve rapid reduction. This is the development of ambitious emission reduction targets by 2050, but only the medium-term objectives in 2020 a loose commitment to the cause.

Small island, wandering the edge of death

Recalling the Copenhagen conference, the second week in the negotiations, when the small island countries for the temperature rises of 1.5 degrees Celsius, and this option is included in the draft negotiating text, many developed countries, negotiators suddenly “crazy.”

U.S. climate negotiator, told reporters Pershing once complained: “has been on a good 2 degrees Celsius, they changed their mind, and become 1.5 degrees Celsius, requiring always change.”

Although only a difference of 0.5 degrees Celsius, but for the effect caused by fragile states there are significant differences, such as sea-level rise for the small island that is fatal. Implement the real numbers game, that is, the distance between life and death.

In developed countries, it seems, than the financial crisis and climate crisis together, in the end which is more important? Anonymity of the small island States negotiator, said: “For example, you see even the coastline of Cancun is rising.”

The representative added: “The financial crisis is the ‘fat cats’between the games, while the ‘climate crisis’ are related to people’s lives in my hometown.” He mobility in developed countries are very disappointed, especially U.S. climate change is not the primary issue as a political drag on the international process to be disappointed.

“Global temperatures increased by 2 degrees Celsius, it has been for more than a hundred million years the Earth’s average temperature to be warm, and this has been stable over the period of human history of agriculture can bear the limit.” Ocean Engineering, University of Chicago professor of chemistry Yache (archer) on told reporters, “Considering the drought in Australia, crumbling Arctic ice and increasing storm, the current warming of 0.8 degrees Celsius just been annoying and 2 degrees Celsius objective look really arrogant.”

Disasters, the poor the most tragic

Poverty group Oxfam International latest report, “priority: climate conference to be voice for the poor,” pointed out: in the first 9 months of 2010, there are 2.1 million people died and climate change-related disasters ─ ─ This number more than 2009 twice the year! Extreme climate change events occurred in the past decade an average of 770 times per year, estimated this year will be more.

Pakistan’s highest temperature 53.7 degrees C this year, the highest temperature ever in Asia. The report of Tim Gore told reporters, though, and climate-related disasters can not be attributed solely to climate change, but the trend of climate change have shown that this year’s extreme weather is likely to become more severe, people are already affected, likely to face a greater crisis.

For example, more than 2,000 people in Pakistan floods, flooding about one fifth of the land, resulting in 2,000 deaths, the loss of up to 9.7 billion.

In Russia, this summer the temperature higher than the long-term average temperature of 7.8 degrees Celsius, so the Moscow daily death toll of 700 people, twice the normal mortality rate; high-temperature fire caused damage to 26% of wheat in Russia, the event led to the Russian ban grain exports, then triggered a global grain prices, the impact on the poor hardest.

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Government of India had the goal is to bring the fiscal deficit-GDP ratio from 6.9% last year down to 5.5% in 2010. “Appropriate Government of India, government subsidies are conducive to control domestic inflation situation and thus maintain the momentum of economic growth.” Development Credit Bank in Mumbai, the fixed-income trading business ethics, said Toru November 25, while the economy has maintained rapid growth and increased revenues in India making “I think that the fiscal deficit in India India’s economic growth prospects will not result in any significant harm.” This year, the Government of India are manufacturers of food and fertilizer to give financial subsidies, August crude oil producer in India has given 140 billion rupees in subsidies. Indian Finance Minister Mukherjee on November 15 proposed to the Parliament, the Government should be allowed to revert to chemical manufacturers to provide additional subsidies of 500 billion rupees. Financial subsidies for the moderate inflation in India set a “contribution.” Data show that wholesale prices increased in India in October this year April 11% of the all-time high to moderate to 8.58%. The Indian Ministry of Trade on November 25 that, as of November 13th the week, a moderate slowdown in food prices in India to 17 months to the lowest point.

“Although India this year increased the amount of food and fertilizer subsidies, but the Indian government while in June 25 release of gasoline and diesel prices, government-run refineries to reduce the amount of loss.” Economists said, the short term Look, the lifting of price controls on petrol and diesel will increase the risk of inflation in India, but in the long term, it will benefit the Indian economy. In addition, some of the Indian government bond auction also increased revenue. Earlier this year, the Indian government on the 3G broadband wireless access license and license auction was a great success. Data show that the two auction to obtain revenue of Rs 1.06 billion, making India in April to September year deficit reduction rate of about 34.9% of deficit reduction targets. In India, the Indian Ministry of Finance, the bonds held by foreign investors, increase the limit to $ 30,000,000,000 50%, India Securities and Exchange Commission on November 26 that India will continue its first companies to foreign investors and government bonds auction. Analysts said the move will undoubtedly further the Government of India to resolve the budget deficit pressures.

Data show that, thanks to strong economic growth and government efforts, in India this year between the months April to 9-year revenue rose 25.7% to 2.33 trillion rupees. Indian Prime Minister Manmohan Singh has estimated India’s economic growth for 2010 of 8.5%, will be India’s fastest pace in nearly three years. Some experts said the rapid economic growth will help create more job opportunities, and further stimulate consumption and to control the fiscal deficit scale. Citigroup economist in Mumbai, said Luo Hai Nepal, given the strong economic growth in fiscal revenue in support of the Government of India will eventually be able to achieve the 2010 deficit reduction targets. Widely expected in the market, India will have the ability to control its fiscal deficit of optimism, the Indian government bonds in November in nearly 6 months to maximum gain, and as of November 29, India and the U.S. 10-year bond yields from the difference between 551 points earlier this month, fell sharply to 509 points.

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Back in Time

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Paper money is worth what it is because you can use it to purchase goods and services that you need and it is accepted for rendering such goods and services. You can even go buy something considered of value long before paper money in its present form was established (not more than 200 years back), such as diamonds or gold. A long time ago, paper money began its evolution as receipts for gold. Before paper money, gold was the most common form of monetary exchange. Since it was too burdensome and insecure to carry gold around for settling transactions the early forms of paper money were devised as receipts drawn on depositories that held gold. Any bearer of the receipt could redeem it for gold. This was ‘The Gold Standard’. Today we have become quite nostalgic of The Gold Standard given economic uncertainty and printing (or ‘easing’) of money to bail ourselves out of our economic woes. But, the Gold Standard was in fact beset with some fundamental problems and had its opponents. Monetary Planning during The Gold Standard was frustrating due to the uncompromising peg to amounts of gold in the vaults. Gold may go up and down per mining and trade-settlements with other countries. Therefore, if there was economic growth due to prosperity or population growth, you couldn’t cater it with money supply which itself could hinder prosperity as the money supply was unable to facilitate higher volumes and values of economic transactions.

The debate on the merits of the Gold Standard ended with The Great War. Paper money had gained ubiquitous acceptance and nobody checked in with the depository anymore to audit-check the money’s convertibility into gold. The government had to expand money to pay for the wars. However, after the utter devastation of the Second World War, the USA was the sole standing super-power with more than 50% of global production and a good chunk of the world’s gold. The European currencies were ruined. The USA offered the dollar’s convertibility into gold so countries could hold the Dollar as a reserve rather than gold directly and start rebuilding their economies and currencies. However, in the 1950s and 1960s due to the burgeoning world economy, the problem of a peg to gold reserves resurfaced and the Kennedy Administration finally parted with the dollar’s obligation. Since then the USA’s economic domination, albeit still intact, has diminished and given its whopping trade and budget deficit leads many to believe that the Dollar’s domination, validation and underpinning to the world monetary system has become questionable.

The Here And Now

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Since then the world economy has been mostly growing and Central Banks have been printing money to keep up with it – nothing wrong with that. In 2008, given that the financial system was gridlocked in crises and there were trillions in toxic debt, quantitative easy seemed like an acceptable risk especially when it was known that a lack of bank-assistance was one reason why it took a decade to recover out of The Great Depression. Recently, the Fed announced that it would introduce another round of $600 billion worth of ‘Quantitative Easing’ over eight months or so in a bid to sprite-up the sputtering and sluggish 1% economic growth rate. Now, the doom-and-gloom pundits are up in arms about throwing so much money out there with little economic activity to back it up. But, the Fed isn’t all stupid. They’ve done some homework. They would emphasize that since there is such low demand in the economy this leaves little risk of inflation or devaluation of the currency – the money could move around and not do much at the worst. If it looks like there is too much money out there and its value is dropping, they can pull it out quickly. And, if they throw cheap capital out here with people willing to borrow it and spend it, then that itself creates incremental economic value.

Here are a few things to keep in mind as we go through the motions. This is not a science. The problem is that people are being cautious, reserved and measured. They are also de-leveraging out of debt. Despite normalization of bad debts and higher corporate profits, industry leaders are not investing and consumers aren’t borrowing. The issue with Quantitative Easing is that it relies on debt and interest as the instrument of economic leveraging. And people may not see eye to eye on that anymore. If banks started offering cheap credit cards again, are we then looking to go back on the hell-road to highly leveraged household credit card debt? I believe that a better way of achieving the same objective is to provide tax relief or refunds to the consumer. This has moral equity on its side. Firstly, people feel better about a tax refund. There is far greater positive emotional response with it. Taxes are our money. We own it. We own the government, which lives off our tax-money. If we get it back, it’s ours, and ours to spend. Now, if I have to go back and borrow to spend and create economic activity, that’s a sour sentiment. I probably just won’t do it.

Our economic masters may argue that then they won’t have control. Once it’s out the bag, it’s gone; for better or for worse. Pulling it back in with a tax charge is politically impossible. Well, then cut it in half or less to $250 billion and at least give it half a chance.

Amer Chaudri is a 16 year veteran of the banking and finance industry where he has worked in diverse roles and management positions including back-end planning, front-end sales and financial management. He is the author of “Diatribe: A Scathing Journey Into the Heart of the Corporate Financial Culture”. He wrote the book in 2010 on recent history in the financial and banking worlds leading up to the contemporary economic and financial crises. You can purchase a copy of the book at http://Amazon.com by following this link: http://www.amazon.com/Diatribe-scathing-Financial-corporate-digressions/dp/1608444740/ref=sr_1_1?ie=UTF8&s=books&qid=1289738769&sr=1-1

It has now been over a year since Ann Minch, a resident of Red Bluff, CA caused a media-frenzy over Bank of America raising the interest rate on her credit card balance to 20% plus from 12.99% despite there being no change to her integrity as a debtor. They did this to protect their margin and profit in the face of mounting bad debt. Ann was furious that they dared to do so while subscribing to billions in government bailouts. After appearing on Fox News and having her story covered by The Huffington Post she subsequently launched the ‘Debtor’s Revolt’ calling her fellow citizenry to march and shift their business from these unscrupulous banking behemoths to perhaps more conscionable local and regional banks. The response was mute and the public’s interest waned fairly quickly. There are reasons for this.

Firstly, it’s very inconvenient to change bank accounts especially when bill payments and auto-debits are tied in. And there’s the credibility rebuild one has to do with a new bank. Secondly, a lot of the Bank of America and Chase Bank branches used to be smaller local banks that were acquired over time. A lot of familiar people who’ve worked there for years and whom we’ve become well acquainted with and sympathize with still work there no matter which corporation owns the bank.

But then, I felt compelled that I had to do something as a citizen’s duty. Before the economic recession had hit, there already were behemoth financial companies (combinations of banks, investment houses and insurance companies). The ones that faltered during the crises, like Citigroup, had to be rescued with taxpayer money because they were ‘too big to fail’. Others, like JP Morgan Chase, folded in Washington Mutual and Bear Sterns. Even as the public and government decried the ‘too-big-to-fail’ state of the market, the fact is that we have treaded further into this territory. This lead to even further thinning of the pack and for an oligopoly-like state-of-the industry to emerge where a few handful of banks and financial corporations own a lion’s share of the market. The top five banking companies now house more than 30% of the country’s deposits. It’s disconcerting that so much of the monetary system is exposed to so few entities. Mergers and acquisitions, though they have a place in the scheme of things, can become a quick-and-cheat way for corporations to cut costs and expand market share while squelching competition from the market. More so, people do (as they always have) associate authority and security with size; some comments I read on Ann Minch’s blog when she launched the Debtor’s Revolt was that people didn’t feel secure moving to smaller regional banks. In fact, there is little truth here. Banks are pseudo private-enterprises – the pricing on their loans and deposits is largely determined by the Fed and given the social sensitivity of people’s deposits and livelihood, deposits are more or less protected by the government. With all the failed banks in the crises, big and small, not one penny of deposit money has been lost. The Fed has been securing suitors for failed banks, cutting sweet deals and sharing in loan losses.

For me, watching big Wall Street and national banks lining up for bailout billions and then turning around and paying their executives millions in bonuses was the last straw. Besides, behemoth entities are woefully inefficient and threaten the market’s competitive integrity. It’s a sure way of sowing the seeds-of-destruction. If government has been in bed with the perpetrators and now finds itself morally bankrupt to do anything sound in principle, then citizens have to fill in the void, even if it’s infinitesimal in scope. Well, with Ann Minch, I know of at least one other person who has taken the step. For now, I’ll be doing my banking with a billion dollar bank, albeit a much smaller billion dollar bank. And, oh yes, as a side note, I have also cancelled my two credit card accounts with large banks, both at 20% plus (so much for the idea of cheaper delivery of goods and services by large integrated economies-of-scale corporations).

Amer Chaudri is a 16 year veteran of the banking and finance industry where he has worked in diverse roles and management positions including back-end planning, front-end sales and financial management. He is the author of “Diatribe: A Scathing Journey Into the Heart of the Corporate Financial Culture”. He wrote the book in 2010 on recent history in the financial and banking worlds leading up to the contemporary economic and financial crises. You can purchase a copy of the book at http://Amazon.com by following this link: http://www.amazon.com/Diatribe-scathing-Financial-corporate-digressions/dp/1608444740/ref=sr_1_1?ie=UTF8&s=books&qid=1289738769&sr=1-1

If this week’s jobless report of an addition of 95,000 claimants is any indication, then I would say that the crisis is hardly past us (despite the DOW surmounting 11,000). Although, one can’t pin the blame for this crisis on the banking & financial domain entirely, it did lead the way to the precipice and ignite the conflagration. The crisis, so to speak, is really in two respects: at one level it deals with really just the recession. It’s synonymous with unemployment and the general gloom in the economy and its perception will lift once the elusive robust economic activity resumes. The other respect is of a broader and deeper nature. There is a crises of repetition. There is an unshakeable frustration that these scandals keep repeating and keep getting bigger. A plethora of reactionary-legislation has been written now and in the past, yet it has never been able to prevent the next disaster. Remember the Junk Bond scandal, the Asian Crises, Savings & Loans, the Internet Bubble, the Enron & WorldComm bankruptcies, the Sarbanes-Oxley Act and countless other legislation. If history is any indicator, the current Banking Reform Act is another piece of after-the-fact fixes that yield little and the industry will work some way around the laws. In fact, the increased cost of regulation will likely prompt a wave of mergers and acquisitions that will create bigger banks and financial companies with bigger problems (along with too big to fail). The University of Massachusetts’ PERI Institute has made the following statement after researching the current financial reform…

“While there are positive moves there are some serious omissions as well. First, there is little to no discussion on the reform of off-balance-sheet activities… Indeed, given the importance of the shadow banking system in terms of credit intermediation, fostering procyclicality of the system, and given the high degree of concentration in the market, it is likely that the shadow system will be the fault line for any future bank run. In this event, what will be the appropriate response? Will money market funds be allowed to break the buck? Will the Fed and Treas-ury once again be called to backstop the system, and at what terms? At the moment, reform legislation is avoiding the question entirely, or leaving it implicitly up to the discretion of the FSOC or other bodies with little or no examination of the pros and cons of alternative arrangements.”

In conclusion, the paper says, “The Senate Bill is a step forward in financial reform. It is nevertheless seriously lacking in several areas”. This should not come as a surprise. The crux of the matter is that we are dealing with symptoms of a greater problem while the problem remains unaddressed. We keep promulgating new laws while not resurrecting principles. This should be fundamental and pivotal to every American citizen. I believe one gaping hole is that there is not a robust citizens platform to influence financial reform. And there remains too deep a complexity/comprehension gap between the layman and the expert with respect to how the a system that is meant to serve the layman works. Here’s a couple of principles that should be core to reform:

> The Fed should not be owned by banks. It should remain independent of the government but should have a wide governing body including academics and what we can term as ‘ordinary’ citizens.

> Resurrect the Glass-Steagall Act which separates the Banking, Investments, and Insurance industries thereby avoiding over-complications and retaining a competitive landscape.

> Activities like off-balance sheet accounting should not be permitted at all.

These, among many more. So, the crises, so to speak, remains – past the recession.

Amer Chaudri is a 16 year veteran of the banking and finance industry where he has worked in diverse roles and management positions including back-end planning, front-end sales and financial management. He is the author of “Diatribe: A Scathing Journey Into the Heart of the Corporate Financial Culture”. He wrote the book in 2010 on recent history in the financial and banking worlds leading up to the contemporary economic and financial crises. You can purchase a copy of the book at http://Amazon.com by following this link: http://www.amazon.com/Diatribe-scathing-Financial-corporate-digressions/dp/1608444740/ref=sr_1_1?ie=UTF8&s=books&qid=1289738769&sr=1-1

Tension on the Korean Peninsula is heating up again to bring new financial market shocks, the Asian trading session 23, the won fell sharply against the U.S. dollar, the general decline in the Asia-Pacific stock markets, European stock markets opened slightly lower.

Limited economic impact of conflict on the Korean

South Korean Defense Ministry press office said the South Korean coast of the western extension of artillery was shelling the island floor, shelling continued for a long time. Military sources said that North Korea fired 100 shells, the Korean military to hit back immediately. South Korean President Lee Myung-bak convened an emergency security meeting on this, the Air Force issued the highest alert and sent warplanes over the island over the relevant. Lee ordered, be sure to control the Korean friction is no longer expanding.

A senior South Korean government official said the government will convene on Wednesday morning by a senior official responsible for economic policy to participate in meetings to assess the economic impact of the event, attended by officials, including the Korea Financial Services Commission, Ministry of Knowledge Economy, Korea Central and South Korean officials from an international financial center. South Korean Ministry of Finance, 23, said the government would continue to monitor the financial markets turmoil, if so, the Government will take timely response. However, the exchange of fire would not have a significant impact on the domestic economy. South Korean Finance Minister Yoon Jeung-hyun also said that the incident may be increased in the short term fluctuations in financial and foreign exchange markets, but Korean conflict on the Korean economy was limited.

Standard & Poor’s rating agency said that if the tension on the Korean Peninsula, it will re-evaluate Korea’s ratings. Fitch sovereign analyst Colquhoun said that if the Korean hostilities Korean credit rating upgrade will cause serious adverse effects, but he believes that state of affairs is unlikely to continue to deteriorate.

Market as one of the “earthquake”

By the Korean conflict, 23, a general fall in stock markets in Asia Pacific, MSCI Asia Pacific Index fell 1.9%. Korea Composite Stock Price Index of the stock market fell 0.79% to close at 1928.94 points. Hong Kong Hang Seng Index fell 2.67% to close at 22,896.14 points. Australia’s benchmark S & P / ASX 200 index fell 1.2% to close at 4589.1 points. Singapore’s Straits Times Index fell 2.02% to close at 3126.3 points.

Korean tensions dampened market sentiment, the two sides, plus the European market is still worried about the debt crisis will spread to countries such as Portugal and Spain, European stocks opened slightly lower 23, all three major indices intraday decline about 0.5%. Risk aversion also pushed the international price of gold back above $ 1,360 an ounce.

In currencies, the Asian trading session 23, the won fell sharply against the dollar, nearly 1%. And the dollar has crashed rebound, the dollar index briefly exceeded 79 levels. United Overseas Bank economist Ho Woei Chen said the recent Asian currency crisis due to weakness in the debt of Ireland, Korean conflict also accelerated the decline in Asian currencies. However, some analysts have said the limited impact of inter-Korean conflict, the U.S. dollar rebound, or just “flash in the pan.”

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In addition to Japan’s stock market suspended, but to yesterday’s close, the Asia-Pacific region were the major indexes fell. ASX Ordinary Share Index closed at 4676.90 points, closed down 1.16%. South Korean component index closed at 1928.94 points, down 0.79%. Hong Kong’s Hang Seng Index is 2.67% with the A shares fell.

Europe, to yesterday’s press time, the British Financial Times index, the German and French CAC40 index DAX30 index, also fell across the board, recorded a decrease of close to or more than 1%. The Wall Street before the market opened, the stock index futures also fell sharply in pre-emergence.

For the performance of global stock markets yesterday, some analysts believe that this unstable situation on the Korean Peninsula factors.

But speaking for the European and American markets, in addition to the above factors may be affected, but also the main concern remains the financial stability in the euro area. Yin Mudi that Irish sovereignty is likely to be downgraded several levels, the market fears began to rise.

Also, while the Irish government announced on Sunday night, a formal application for EU aid has been, and the International Monetary Fund (IMF) also said, is ready to support aid programs. But according to foreign reports, in an unwelcome international aid, the ruling coalition began to split the Irish signs. The Prime Minister Brian Cowen promised, if the critical emergency budget is approved, next year he will agree to dissolve parliament and hold early national elections.

The Greek side, cutting the deficit in the plight of the issue is also brought a skepticism, fears that the country will be unable to timely repay the EU and the International Monetary Fund earlier this year promised to provide 1,100 million euros in aid loans . Recently, the Greek part of the assistance program will receive the next batch of aid.

The United States brought a good news yesterday. U.S. Department of Commerce announced the third quarter of GDP, expanded at an annualized rate of correction is 2.5%, the growth rate of more than the market expected. According to Bloomberg News survey of economists forecast an average 2.4% GDP growth rate of the initial value of the third quarter was 2.0%.

However, an U.S. stock market is the United States is preparing to launch against more allegations of insider dealing. Round of the U.S. federal government coming to an end three-year investigation, is preparing to launch a number of insider trading allegations. Authorities said that these criminal and civil investigation of the impact of the financial industry is likely to exceed any previous such investigations.

The Capital Essence analysis from a technical level that failed to extend the S & P 500 index after the break up that weak intrinsic motivation. However, the only indicator of capital flows remained positive, but 1180 points is a strong support, will not soon fall below. Therefore, the necessary savings in the long stand on the 1220 point kinetic energy of the important psychological point, it is necessary for further consolidation.

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How China will resist the oncoming surge of foreign hot money? What kind of monetary policy changes in turn appear? This month’s “China Economic Times Round Table” will focus on this topic in-depth analysis and discussion.

At present, awareness and understanding of hot money some changes need to happen. The first is the definition of hot money, from an illegal, simple adjustment of impression speculation came about, in fact, is itself an investment behavior of hot money, they come to China is the way the current policy to allow incoming. Followed by the Chinese Government’s attitude, that is, without fear of hot money in China, the Chinese government or the RMB control, no hot money order out to have completed a conversion from RMB to U.S. dollars. Therefore, the impact of hot money, China’s capital market is almost impossible to say at once threw 800 billion U.S. dollars, there is no such possibility. In this context, you must complete the process from the block to the sparse, that it is the source of trouble from the boot to absorb liquidity in China it up, let it dry for China to expand domestic demand, something that we call “the use of dry foam something, use something dry hot money, the use of liquidity dry something. ”

Now the hot money that much effect. Now the flow of hot money to complete the Green tickets from ticket changes to red, red print tickets out of the central bank, while the green tickets is to earn export by domestic enterprises came. If the hot money into China’s stock market to the housing market, they must complete the tickets from the green ticket to the red shift in the transition process, give us a great insight: We have come too much foreign exchange, in order to reduce liquidity, is to digest a huge source of foreign exchange reserves, the central bank’s balance sheet to lose weight. To the end of September, the central bank assets and liabilities was 3.72 trillion U.S. dollars, more than the Fed nearly 1.5 trillion U.S. dollars. Therefore, we must now change the mode of growth, from the emphasis on exports to imports, the foreign currency paid out. Wide use of foreign exchange as soon as possible into a strict policy to allow all people to get tickets to the Red Bank Green ticket exchange, reverse against the central bank recycling burned red tickets, a green ticket so that our people use to go out or let our business building needs to buy back the domestic coal, oil, gold and even aircraft, agricultural products better and our food storage together.

See, now this round of inflation and asset bubbles but is not a commodity-based currency type, and must find a way out for these liquidity. It is recycled to the central idling, will increase the bank’s costs; it into consumption, will increase inflation. So be sure to make it into the investment field. The absorption of liquidity we have said, the best way is to develop the stock market, absorbing them in, fundamentally resolve the so-called liquidity to our printed tickets too much, too much hot money caused the trouble. Here, the key is to guide, as long as the hot money legally, they should be welcomed, rather than simply to raise interest rates, return flow to the central bank, and then develop a currency tigers, so that not only make you hot money exchange spreads, eating your interest .

Currently re-acquisition of 600 billion U.S. dollars U.S. Treasury bonds as a symbol of the second round of “quantitative easing” policy has been launched. United States, Europe, Japan and other developed countries to create a common strategy used by the global printing loose monetary conditions, and more hot money flowing into China, exacerbated by China’s imported inflation, the main channels: first, a “quantitative easing” national monetary policy inflation temporarily, but leakage through the liquidity of China exporting inflation. China’s first recovery of the real economy, higher interest rates, appreciation of the renminbi and other factors, becoming the object of pursuit of international capital, leading to the rapid growth of China’s foreign exchange reserves, foreign exchange increased, the central bank issuing the equivalent of base money, increase the probability of inflation. Second, the “quantitative easing” monetary policy led to lower real interest rates developed countries, spread to induce international capital into China, and raise inflation risks. Present in major developed countries are basically at the “zero interest rate” range of conditions, the equivalent of quantitative easing monetary policy further reduces the nominal interest rate. The response to inflation risks, the decision of the central bank from October 20 financial institutions from the one-year deposit and lending rates by 0.25 percentage points. Further interest rate increases for domestic and foreign interest rate to induce the influx of international capital to accelerate the domestic arbitrage, liquidity increases the risk of inflation increase. Third, the proliferation of global liquidity led to international commodity price increases, inflation and output to the world, resulting in imported inflation. Loose monetary policy resulting in the proliferation of money into commodity developed countries and financial markets, broad based commodities including precious metals, crude oil futures prices advance to $ 90 a barrel, iron ore, copper and other metals and bulk commodity prices are sharply rising and the global exporting inflation, China’s huge demand for these commodities, there imported inflation.

The current hot money inflows may be mainly the expected appreciation of RMB, is expected to increase once the appreciation of the case, will accelerate the pace of hot money inflows, but they are expected to arise under China’s trade surplus, China’s trade surplus in recent months is indeed a high , thus resulting in higher expectations, but I think this is not a trend of things, probably in November, December’s trade surplus will come down, down, hot money inflows will be reduced. And the People’s Bank of China, the extent of the RMB exchange rate more freely wide fluctuations, so the possibility of sustained inflow of hot money will not be much. However, the issue of China to raise interest rates, and foreign countries have an interest rate spread, may lead to some pressure, but the whole is not a particularly serious problem.

Of course, hot money inflows will increase inflation in China is no doubt, but I think this year’s foreign exchange reserves, the rate of increase will be significantly reduced. In fact, the hot money is mainly used to increase the amount of foreign exchange reserves minus the monthly trade surplus often, minus FDI, the scale is not too large, it more than 200 billion dollars a month, not particularly serious problem.

In order to stimulate their economies, the United States announced in early November in June 2011 before the purchase of 6000 billion worth of U.S. Treasury bonds, the so-called quantitative easing policy of the secondary (QE2). U.S. QE2 is not only higher than the market expected size (600 billion U.S. dollars instead of 500 billion U.S. dollars), and span is also longer than expected (8 months instead of 6 months), which is typical of the “beggar thy neighbor”, “selfish” (of course very long hard to say that self-serving) policies, inevitably have a negative impact on China, the most important performance is the hot money inflows. Hot money inflows, on the one hand the problem of excess liquidity in China is more prominent, have to further tighten monetary policy (including increased open market operations, raising the deposit reserve ratio, the size of credit control, etc.), face the more difficult of the “dilemma” Select . On the other hand, QE2 will increase the threat of inflation, mainly through two channels: one is the hot money inflows increase the scale of the domestic money supply increases, prices will further increase the pressure; the other is the QE2 lead to depreciation of the dollar, crude oil, iron ore and grain and other international commodity prices, thereby increasing on the impact of imported inflation.

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