Don’t believe all the hype – despite the unavoidable frenzy over Secretary of the Treasury Time Geithner’s proposal for “comprehensive reform” that will come to smite the financial services industry in order to reduce systemic risk the reality may be less radical than what is being reported.
Your correspondent was there for the entirety of the hearing and the statements and questions between the Secretary and the members of House Financial Services Committee indicated much more moderation, caution and consensus than the soundbites may indicate. Incidentally, the Dow closed 175 points higher. Lesson here: Don’t believe the news, believe in results.
Asia, but not as you know it (anymore) – China is engaging in military development that is upsetting the delicate balance of power in Asia and this will lead to regional instability, a more assertive PRC and cause general uncertainty for all involved, according to a recent Pentagon report to Congress.
China has accused the Pentagon of “Cold War thinking”. And the dance of diplomacy continues.
Hating the world, one summit at a time – Big global summits are notorious for attracting all manner of anti-globalization protesters and have a long tradition of turning violent. In anticipation of “unprecedented” protests London police are taking extra precautions to control the situation. Hard to pick who to bet on.
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