Quietly this week, China has crossed yet another milestone in its evolution as the new economic superpower for the 21st and 22nd centuries. Four of the top 10 companies by market capitalization globally are Chinese, compared to only three in the United States (the other three are European). This is a stunning achievement, and one that deserves kudos from around the world.
I don’t really care that this victory came about due to the unraveling of the financial legerdemain of US banks such as Citigroup and Bank of America, both of which fell below the top 10 this week. This kind of price adjustment to unexpected write-offs may strike some as an over-reaction, but not people like me who have been arguing for a long time that US and European banks depend on Asia for bailouts anyway >>>>
What’s Chinese for ‘Ponzi’?
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