The capitalists nationalize while the communists fix global markets
Image via Wikipedia
I am following the Asia/Europe meeting with great interest. This is what the UK Foreign Secretary David Miliband had to say:
‘I don’t think it’s just the fact that we are meeting in The Great Hall of the People and we listened to the general secretary of the Chinese Communist Party talking about the need to prop up global capital markets that brings home to one that there is this big shift in economic power.”
Brutal paradoxes these days. While the Bush administration nationalizes banks, the “communists” lead the way to save global financial markets.
I end this commentary with one of the most depressing posts about the state of the union I read in a long time.
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=12f581e2-f8c1-43f8-877c-6d80bb2929f7)
Follow Martin Varsavsky on Twitter: twitter.com/martinvars
Posted on International | 7:09 pm
| 
Trackbacks(0)
Posted by gregorylent - October 25, 2008 8:02 pm - #
and it is a good thing for the world .. the chinese know about stewardship
Posted by prayer - October 25, 2008 8:28 pm - #
listen! world is coming to its end now. start praying! praying! praying! only a few days until really all is at its end. even if you are a not a believer! starting praying will save you! Martin ! Whats about YOU? Now it´s time for a change, time for church, time for god, time for praying! Your soul will be set up free afterwards!
Posted by Nick - October 25, 2008 10:24 pm - #
@prayer you are crazy
Posted by Carlos Sanchez - October 26, 2008 2:51 am - #
Unrelated, but you may like this one
Adrew Lahde, hedge fund manager who in 2007 earned some fame for achieving return rates in the vicinity of 1000% with his Lahde Capital, resignation letter.
http://www.bankersball.com/pub/wp-content/uploads/andrew-lahde-letter.pdf
Posted by Boyd R. Jones - October 26, 2008 10:33 am - #
China may have vast foreign exchange reserves, but they are not the best stewards in the world — look at their food supply (melamine in milk) and tainted toys (lead paint), etc., ad nauseum.
Posted by Martin Varsavsky - October 26, 2008 12:14 pm - #
@ Carlos Sanchez:
all was well until that marijuana ending!
Posted by Federico el Sueco - October 26, 2008 1:35 pm - #
Pls read: “Yours truly, angry mob” by John Gapper in FT – an excellent answer to Andrew Lahde
http://www.ft.com/cms/s/0/9ce05d9e-a22d-11dd-a32f-000077b07658.html
Posted by gregorylent - October 26, 2008 5:25 pm - #
@boyd r. jones .. don’t mistake manufacturing for food .. chinese have much more direct food that america, meaning rice and vegetables and meat, less processed food-like products, and stewardship is based on a very long view, not like in america where corporations are managed for the next quarter’s results ..
Posted by fonero - October 26, 2008 6:51 pm - #
don´t drink all this vodka, you photografed, pls… your liver will not work good anymore afterwards… and: another crisis will be added to your live – believe me
)
Posted by Alex Barrera - October 26, 2008 10:51 pm - #
Martín,
Not exactly related to this post but it’s about the financial situation, I’m just curious about what’s you opinion on the US leaving Spain out of the G20 financial meeting next November. I would love to read a post about it.
Posted by Boyd R. Jones - October 31, 2008 8:25 pm - #
@gregorylent — Having lived in China for several years, I respectfully posit that you are dead wrong. The “direct food” in China is often dirty and tainted and substandard. Look at how the melamine scandal is widening!
http://news.bbc.co.uk/2/hi/asia-pacific/7701477.stm
Posted by gregorylent - November 5, 2008 12:59 pm - #
boyd jones, stewardship is not a trait of industrial mind/greed, but of the village mind, look at how rich paddies have been maintained for thousands of years … that is called stewardship …
Posted by Boyd R. Jones - November 5, 2008 1:07 pm - #
@gregorylent — I like the way you look at things. But all the rice paddies are either being paved over for factory space or polluted with industrial chemicals. The village mind (but are you over-idealizing this) is dying there…