When all other countries get into financial/economic difficulties, the IMF goes in to help by telling them to 'put their own house in order'. But for the Americans it is different. When they run out of money or their currency run the risk of being overtaken by others as global base, they go whack/rob others like Iraq. If that still does not work, the IMF goes round the world to blame anyone they can for their problems. What a great country! They print money for nothing, whack others who do not want to use it to keep it artificially high, give some to some cheap Asian economist to work in the IMF, and this idiot says what their paymaster wants.
A few years ago when I told a man in a petrol kiosk that the USD will fall with the advent of the Euro, he told me not to worry as the USD will always 'retain its value' because it is backed by gold. I told him that he is more than 30 years behind time – Nixon dumped Bretton Woods in the early 70s.
I wonder how many other fools there are out there living with false notions like that....
xxx
WASHINGTON, United States (AFP)
The International Monetary Fund has warned China that the cost of maintaining its fixed currency regime was mounting and argued for a widening of the trading band on the yuan by 10 percent to 15 percent to stave off pressures on its giant economy.
"I think the cost of maintaining the exchange rate regime is going to be large and will grow over time -- which is why I think there is an argument for a quick move," IMF's China division chief Eswar Prasad said.
The Chinese yuan, which is fixed to the US dollar, is currently considered grossly undervalued and the United States, Japan, and the European Union have been groaning under the weight of cheap Chinese exports. The IMF has been prodding China for sometime to swiftly adopt a flexible currency regime – like widening the band in which it allows the currency to trade against the dollar -- but Beijing says the time is not ripe yet.
Prasad, answering questions from experts at a conference in Washington on East Asian exchange rate issues, said it was more feasible for China to adopt flexibility in managing the yuan than launching a radical revaluation of the currency.
The yuan, also known as the renminbi and now pegged at 8.27 to the US dollar, is currently anchored in a narrow band to the dollar enforced by the Peoples Bank of China. This range is considered too weak by many financial observers. But Prasad indicated that China had to literally pay the price for not heeding IMF advice to it about a year and half ago to widen the band by some three to five percent. "I think under present circumstances that could be disastrous because the market might see that as clearly inappropriate and just as a first step. But I think the price of having waited this long – the initial move is going to have to be much larger," he said. Now, because of greater pressures to its economy, if China wanted to widen the band, it should do so by, say, 10 to 15 percent, he said.
US President George W. Bush has been talking up the currency issue ahead of the November 2 election, charging that the yuan rate had kept China's exports artificially cheap, undermining US exports and stealing American jobs. Bush telephoned Chinese President Hu Jintao this month to underline his concerns and Hu vowed to "move forward firmly and steadily to a market-based, flexible exchange rate," according to the White House.
China's top finance and central bank officials were invited for the first time to attend this month's meeting of finance chiefs from the Group of Seven industrial powers at the sidelines of the IMF/World Bank annual meeting in Washington. G7 members again pressed for a freer yuan regime but the Chinese officials again offered no timetable, saying they would act "when conditions permit."
A free-floating Chinese yuan, according to some analysts, could boost US exports and thereby help reduce the massive US current account deficit, which has contributed to imbalances in the global economy. Ernest Preeg of US policy research group Manufacturers Alliance said 19 bills expressing concern over "currency manipulation" by China and other East Asian economies were before Congress, warning that they could be integrated into single legislative action.
Some experts at the conference suggested that the yuan be first revalued upwards by 25 percent and then be traded on a wider band. But Prasad said it might not be appropriate. He argued that just a 10 percent to 15 percent widening of the trading band would not lead to excessive market pressure on the currency. "As far as possible, the market will think that once this amount of widening is permitted, that there really is going to be nothing more," he said. "After all, if the Chinese can hold the exchange rate where it is right now when the presumption that it is undervalued by 25 percent or 40 percent or more, they can very easily hold it at 15 percent," he said.
Thursday, October 21, 2004
Monday, October 11, 2004
Monkey
This joke highlights the dangers when one follows what others say without thinking & verifying for oneself before believing/acting (some also call that faith for convenience).
Another example of this is a real life story. A couple of months back, I was having breakfast at a coffee shop. It consisted of a cup of tea, 2 slices of bread and 2 half boiled eggs. I got a seat opposite to an elderly Malay man who was probably close to 80. The sight of me relishing the half boiled eggs, triggered his appetite and probably some long gone memories, and he said to me "I'll go get some eggs too".
After he came back with his eggs he told me that he was afraid of taking eggs because of all the talk about high cholesterol.
To which I gave him my usual views about how many people take things out of context esp. the unthinking ones.
I told him that many foods have high cholesterol if you take them out of proportion e.g. beef that the Westerners eat by pounds per day! Their doctors' recommendation not to take more than a few eggs a day was meant for these people who are already eating too much. But which Asian that does not ape these people does eat meat by a quarter of pound per meal?
On top of that, as far as I can recall, eggs had been a traditionally recognised nutritious staple for Asians, and parents used to make sure their young ones have them daily. And what other natural food has the ability to sustain a young life all on its own? Eggs got to be rich in nutrients to be able to do that.
The old man agreed by saying "ya ah, my father used to have eggs every morning without fail and he lived to 110 years!"
I said "there, that's proof that all the fears you had are unfounded".
The 2 of us laughed as we enjoyed those eggs and wondered aloud how many of us will get to live to the ripe old age of that pak cik's father.
And I wondered how many fools there are out there who will say that they won't touch eggs but will gobble down a bottle of coke without question (like the stupid Americans who drink them by litres everyday).
And that thing does not even carry an expiry date! For such fools, that probably means it is proof of a great product!
One day I will tell you another story of a stupid American woman who sends a chain mail complaining about soya beans and her cancer....
xxx
From: Dion Wan
Re: Monkey
There was once a hat-seller who passed by a forest on his way back. The weather was very hot and he decided to take a nap under one of the trees, so he left his whole basket of hats by the side. A few hours later, he woke up by some sounds. The next thing he realized was that all his hats was gone.
Then he heard some monkeys on top of the tree and he looked up. To his surprise, the tree was full of monkeys. They have taken all his hats!
The hat-seller sits down and tries to think of how he can get the hats down. He started to think and scratched his head. The next moment, he realised that the monkeys were doing the same action. Next, he took his own hat and fan himself. The monkeys did exactly the same!
An idea strikes him - he took his hat and threw it on the floor. And, the monkeys did the same too. Alas, he managed to get all his hats back.
Fifty years later, his grandson also became a hat-seller and had heard this monkey story from his grandfather. One day, just like his grandfather, he passed by the same forest. Feeling very hot, he took a nap under the same tree and left the hats on the floor. Again, when he woke up, he realised that all the hats were gone. He looked up and found that the monkeys had taken all his hats. Remembering what his grandfather had told him, he started scratching his head and the monkeys followed. He took down his hat and fanned himself and again the monkeys followed.
Now, very convinced of his grandfather's idea, he threw his hat on the floor ... but to his surprise, the monkeys still held on to all the hats!
Then one monkey climbed down the tree, grabbed the hat on the floor, gave him a slap and said "You think only you have grandfather meh........???!!!"
Another example of this is a real life story. A couple of months back, I was having breakfast at a coffee shop. It consisted of a cup of tea, 2 slices of bread and 2 half boiled eggs. I got a seat opposite to an elderly Malay man who was probably close to 80. The sight of me relishing the half boiled eggs, triggered his appetite and probably some long gone memories, and he said to me "I'll go get some eggs too".
After he came back with his eggs he told me that he was afraid of taking eggs because of all the talk about high cholesterol.
To which I gave him my usual views about how many people take things out of context esp. the unthinking ones.
I told him that many foods have high cholesterol if you take them out of proportion e.g. beef that the Westerners eat by pounds per day! Their doctors' recommendation not to take more than a few eggs a day was meant for these people who are already eating too much. But which Asian that does not ape these people does eat meat by a quarter of pound per meal?
On top of that, as far as I can recall, eggs had been a traditionally recognised nutritious staple for Asians, and parents used to make sure their young ones have them daily. And what other natural food has the ability to sustain a young life all on its own? Eggs got to be rich in nutrients to be able to do that.
The old man agreed by saying "ya ah, my father used to have eggs every morning without fail and he lived to 110 years!"
I said "there, that's proof that all the fears you had are unfounded".
The 2 of us laughed as we enjoyed those eggs and wondered aloud how many of us will get to live to the ripe old age of that pak cik's father.
And I wondered how many fools there are out there who will say that they won't touch eggs but will gobble down a bottle of coke without question (like the stupid Americans who drink them by litres everyday).
And that thing does not even carry an expiry date! For such fools, that probably means it is proof of a great product!
One day I will tell you another story of a stupid American woman who sends a chain mail complaining about soya beans and her cancer....
xxx
From: Dion Wan
Re: Monkey
There was once a hat-seller who passed by a forest on his way back. The weather was very hot and he decided to take a nap under one of the trees, so he left his whole basket of hats by the side. A few hours later, he woke up by some sounds. The next thing he realized was that all his hats was gone.
Then he heard some monkeys on top of the tree and he looked up. To his surprise, the tree was full of monkeys. They have taken all his hats!
The hat-seller sits down and tries to think of how he can get the hats down. He started to think and scratched his head. The next moment, he realised that the monkeys were doing the same action. Next, he took his own hat and fan himself. The monkeys did exactly the same!
An idea strikes him - he took his hat and threw it on the floor. And, the monkeys did the same too. Alas, he managed to get all his hats back.
Fifty years later, his grandson also became a hat-seller and had heard this monkey story from his grandfather. One day, just like his grandfather, he passed by the same forest. Feeling very hot, he took a nap under the same tree and left the hats on the floor. Again, when he woke up, he realised that all the hats were gone. He looked up and found that the monkeys had taken all his hats. Remembering what his grandfather had told him, he started scratching his head and the monkeys followed. He took down his hat and fanned himself and again the monkeys followed.
Now, very convinced of his grandfather's idea, he threw his hat on the floor ... but to his surprise, the monkeys still held on to all the hats!
Then one monkey climbed down the tree, grabbed the hat on the floor, gave him a slap and said "You think only you have grandfather meh........???!!!"
Friday, October 08, 2004
Another Hour of the.....
This is what happens when 1 set of idiots think that they are special children of God and has a God given right to forcibly take others' land by any means possible, meets another set of idiots that think that they are serving God's purposes regardless of the means they employ to get back at the 1st set of idiots. And nature is such that when 2 sets of idiots are involved nothing gets resolved for as long as they exist.
I was once told that the books that these idiots follow seem to have a 'good' effect on their believers. Clearly that goodness has yet to take effect despite the passage of a couple of thousand years.
I guess that's OK as a century is only a short time as far as their Gods are concerned....
xxx
TABA, Egypt (AFP)
At least 26 people were killed and scores injured when car bombs exploded at resorts packed with Israeli holidaymakers on the Red Sea coast of Egypt's Sinai desert in attacks Israel blamed on Al-Qaeda.
The most powerful of the explosions late Thursday left a trail of carnage and destruction at the 10-storey Hilton hotel in Taba, a town just across the Israeli border, that hosted Israeli-Palestinian peace talks in 2001.
"According to our first information, it appears to be an international terror attack with the hallmarks of Al-Qaeda," said Israel's deputy defence minister, Zeev Boim. The explosions occurred as Israelis were celebrating the end of the Jewish holiday of Sukkot, and followed official warnings that Israelis should keep out of the Sinai because of possible attacks.
I was once told that the books that these idiots follow seem to have a 'good' effect on their believers. Clearly that goodness has yet to take effect despite the passage of a couple of thousand years.
I guess that's OK as a century is only a short time as far as their Gods are concerned....
xxx
TABA, Egypt (AFP)
At least 26 people were killed and scores injured when car bombs exploded at resorts packed with Israeli holidaymakers on the Red Sea coast of Egypt's Sinai desert in attacks Israel blamed on Al-Qaeda.
The most powerful of the explosions late Thursday left a trail of carnage and destruction at the 10-storey Hilton hotel in Taba, a town just across the Israeli border, that hosted Israeli-Palestinian peace talks in 2001.
"According to our first information, it appears to be an international terror attack with the hallmarks of Al-Qaeda," said Israel's deputy defence minister, Zeev Boim. The explosions occurred as Israelis were celebrating the end of the Jewish holiday of Sukkot, and followed official warnings that Israelis should keep out of the Sinai because of possible attacks.
Tuesday, October 05, 2004
Immaterial
Interesting article which reminds me of one thing.
According to the writer, people's top wish just before they die always relate to topic of play or regrets of not enough of that on earth. But they did not mention/notice that people of certain religion(s) wish they could die faster (or has such regret) even though by their faiths they are quite sure they will soon be spending time with God which I suppose is a privilege.
I am talking about those whose faith gives them the gall to proclaim quite unbrazenly in obituaries that they have been 'called back to be with the Lord' when they die.
If one is so cock sure that God wants him/her to be on Him, I would think that one will be most eager to go and be with such exalted company without regrets!
After all, their relatives will be joining them there in a matter of time anyway. And like their faiths say, they shall have a great time together throughout eternity in the company of the Big Boss!
xxx
Re: Immaterial?
From: Chung Meng
When it's your time to go, what will you be taking with you ... really?
According to the writer, people's top wish just before they die always relate to topic of play or regrets of not enough of that on earth. But they did not mention/notice that people of certain religion(s) wish they could die faster (or has such regret) even though by their faiths they are quite sure they will soon be spending time with God which I suppose is a privilege.
I am talking about those whose faith gives them the gall to proclaim quite unbrazenly in obituaries that they have been 'called back to be with the Lord' when they die.
If one is so cock sure that God wants him/her to be on Him, I would think that one will be most eager to go and be with such exalted company without regrets!
After all, their relatives will be joining them there in a matter of time anyway. And like their faiths say, they shall have a great time together throughout eternity in the company of the Big Boss!
xxx
Re: Immaterial?
From: Chung Meng
When it's your time to go, what will you be taking with you ... really?
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