Crazy money v. Kim
Saturday, October 21, 2006 at 3:22AM Financial connectivity is what tames China as a threat and moves it toward alliance
Two stories in today's NYT (rescued from airport garbage) present a couple of bookends to the many chapters of change that is China today.
In the first, "China May Press North Koreans" (Joseph Kahn, p. 1), we hear that Chinese banks are pre-emptively cutting back on handling any DPRK business, fearing it will expose them to asset freezes by the U.S. I'm just old enough to find that notion astonishing. Now it's "paper tiger" America who threatens China's paper money, and now it's China's $1T in USD reserves that serves as a more effective Damocles sword over our nation than Beijing nukes ever did.
Meanwhile, the second story blares, "Hong Kong Is No. 1 in 2006 Offerings" (Keith Bradsher, p. C1): "More money will be raised by companies selling shares to the public than on the biggest exchanges in New York and London." The big Industrial and Commerce Bank of China offering coming up very soon will be the largest in world history. That one deal will push HK to the top spot this year, an accolade that's unlikely to last, even as it speaks volumes about the future.
So there's all that money, and then there's Kim.
Care to bet who's going to win out on that choice?
Reader Comments (1)
Of course Little Kim will lose ultimately, but meanwhile....What are the betting odds for the meanwhile, after LK's so-called "apology" to Big Beijing Brother?....
A North Korean official, meanwhile, defended last week's nuclear test and said Pyongyang would "crush U.S. imperialists' schemes with its self-defensive power."
"No matter how the U.S. imperialists try to stifle and isolate our republic ... victory will be on the side of justice," said Choe Thae Bok, secretary of the Central Committee of the Workers' Party of Korea, according to the North's official Korean Central News Agency's Korean-language report.
Choe made the comments at a rally in the North Korean capital in which tens of thousands of citizens and soldiers cheered the nuclear test, according to KCNA _ the first known celebration directly tied to the explosion.