Friday, March 27, 2009

Le Shorter: "Ah, Honorable Gleeback No Good!"

In February:
  • Net foreign acquisition of long-term US securities estimated at -$60.9 billion;
  • China's state owned Chinalco signed a $19.5 billion deal with Australia's giant Rio Tinto mining company;
  • China National Petroleum signed agreements with Russia and Venezuela for $25 and $4 billion each for long term oil supply;
  •  China Development Bank made a $10 billion loan to Brazil's Petrobras in exchange for oil.
Economist James Kenneth Galbraith tells why.