"Drunk in a Bankrupt"? Jest maybe we are!
Posted in International News
Jan. 21, 2008 at 12:03
by BrendaBee
Headlines: Drunk in a Bankrupt World
By Chan Akya
This story may explain the tumble in the Asian markets Monday. It is well written and interesting reading. Mr. Chan Akya theorizes that five events that took place last week put the real jinks on the US economy. At first when you read the excerpt below you will say, "No way!" "How in the Hell does he figure these things fit together?" But read the story and then decide. He makes sense. Or at least more sense than anyone else I have read. BB
Chan Akya says, "....politicians and central bankers are stumbling around aimlessly blaming any convenient target for the problems faced by their constituents. They need some help in connecting the dots; here then is an attempt towards the objective. In this article, I will examine the common thread running between five different stories that surfaced this week:
1) Mounting credit losses and attendant capital raising by US banks.
2) The World Bank's most recent acknowledgment of the corruption that plagues most of its projects, this time involving healthcare projects in India.
3) China's further tightening of lending conditions at its commercial banks even as it announces explicit price curbs on key food and other products.
4) The launch in India of the world's cheapest car.
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