The theme of the conference seems to be spot on. Besides both civil unrest rising, international war potential in Korea and Eastern Europe, then there is the sovereign debt crisis that is brewing. For those who though the dollar would collapse and we would all be using yuan and rubles, well the Chinese government was not able to sell all government bonds in the recent issue. The ongoing credit crunch in China and poor economic data pushed the demand of investors away from the table.
The Chinese government has a real shot here of moving forward to the 21st century economics if it is ready to show the west how to really run a government and economy. China is in a position to appropriately manage its contracting economy if it is willing to really abandon the Western ideas that are not working in the West and should not be followed by China. Time will tell if they are ready to be real world leaders and show both the USA and Europe the way to the future. They were the FIRST with paper money – it is now time to lead the next step in the evolutionary process. My passport is ready.
