According to Senator Chuck Schumer, China’s currency manipulation has cost New York more than 160,000 jobs in the last decade. Schumer also said that China is engaged in intellectual property theft and other forms of manipulation that give them an unfair advantage over American competitors.
U.S. Defense Secretary Leon Panetta warned on Sunday that Israel is increasingly isolated from the Middle East, and that continuing turmoil in the region makes it crucial that Israel finds ways to communicate with its neighbours if it is ever going to enjoy peace and stability.
A quick preview of the key economic events for the upcoming week:
Monday, October 3
Eurogroup of EU finance ministers meet in Luxembourg
Turkish PM visits South Africa
US Senate vote on taking action against alleged currency manipulation by China
Financial Stability Board meet in Basel
Economic globalization has, of course, produced some large benefits for the world, though it has also created major problems that need to be addressed. These problems demand a similar global response, which must first be built from individual governments. For years, the world’s government has got it wrong: in order for governments to operate effectively, the role of government needs to be modernized, in line with the specific challenges posed by an interconnected world economy.
The Occupy Wall Street movement, which began last month in New York City, is quickly gaining pace and spreading to Canada. Toronto activists have said that they are planning similar demonstrations against corporate greed later this month.
The Occupy Wall Street protests started with a call to action on the blog of Vancouver-based advocacy magazine, Adbusters, in July. On September 17, protesters began occupying Zuccotti Park near the New York Stock Exchange.
30 September 2011.
There have been many rogue traders in the course of financial history. Bernard “Bernie” Madoff operated the world’s largest Ponzi scheme and was sentenced to 150 years behind bars in June 2009. One would imagine that a recent precedent in Madoff would deter financial fraudsters from striking again, at least for a while. Apparently not.
German Chancellor, Angela Merkel, yesterday scored a victory as she successfully corralled her government into voting for the revamped bailout fund, asserting her political authority by pushing the deal through without the oppositions’ help.
China has warned Asian nations not to provoke it under the cover of US military backing, in a move that plays out Beijing’s desire to challenge the United States’ power in the region.
This comes after Japanese prime minister Yoshihiko Noda and Philippine president Benigno Aquino agreed on Tuesday to strengthen cooperation between their coast guards and navel forces amid the disputes with China.
A mystery donor has left a bag filled with 10 bundles of a hundred 10,000 yen notes in a public restroom, with clear instructions that it should be used to help victims of the horrific March earthquake and tsunami.
29 September 2011.
He who laughs last laughs best. For decades, European countries were the colonial masters of Africa, dividing the continent at their own whim and exploiting the abundant resources available for their own purposes. Yet today, there has been a paradigm shift where African nations are now leading the world in economic growth and can more hold their own against their ex-colonial masters.
