A glimpse of foreign theory

The New York Times, May 13--The dollar's decline could be as long as dozens of years. We are moving into an Asian century--the rising China and its currency are increasingly dominant. But sooner than we expected, the dollar has been challenged by other currencies, particularly the renminbi.　　This is certainly too heavy for the United States to pay. Traditionally, empires have a global reserve currency, which is a money lender on the one hand and a creditor on the other. After World War II, the Daying Empire fell apart and Sterling lost its status as an international reserve currency, and Britain became a debt-ridden country. Today, the situation in the United States is similar.　　So the collapse of the dollar is only a matter of time. However, the renminbi is far from ready to become an international reserve currency. In the long run, however, this is likely to happen.　　China has already shown its own strength by making currency swaps with countries such as Argentina, Belarus and Indonesia, allowing Hong Kong's financial institutions to issue renminbi bonds, a first step. But if China and other countries diversify their reserve currencies, America will eventually suffer.　　Because, in this case, the U.S. imports will inevitably pay more, private debt and bond interest rates will also rise, and the final results will lead to a weakening of U.S. consumption and slowing growth. However, we also believe that the dollar's status as a major reserve currency will not disappear overnight, and that the dollar's decline could be as long as dozens of years. 　　In this respect, the United States needs to resolve the financial crisis as soon as possible, otherwise the speed of decline will accelerate. (Author: New York University economics professor Norrill Robini Zhang Jintri compiled) "Christian Science Monitor" May 14 column patchwork of taxes: the crime of tyranny the U.S. Senate is preparing to levy an additional health tax on carbonated beverages, and New York Governor Patterson agrees. Not only that, the West Virginia State Democrat Congressman Steiger is proposing an additional health tax on so-called junk food.　　In this way, a whirlwind of additional taxation has been set up nationwide to prepare for the "punishment" of alcohol, tobacco and junk food. In fact, this type of politician is often referred to as the "nanny of the state", and they believe that the duty of the state is to "nurture" the nation to avoid harm.　　However, this is just the appearance, in fact, their so-called "love" is only a love of money-through these commodity taxes soaring, the country can grab more wealth. In fact, this kind of "original sin tax" on special commodities is very easy to pass, because most people are inclined to some kind of "hatred consciousness".　　This is what Tocqueville feared 200 years ago, that democracy may be alienated as a "tyranny of the majority". Some experts have also spoken out in the media that Americans are riddled with mistakes in food and exercise, and that crime is inevitable. It is shocking, however, that they do not levy a tax on the crime itself, but merely seek compensation--to pay for the loss of society. In fact, it doesn'tThe scientific basis, but the media have no doubt about it. For President Obama, he was once a "smoker", but now he cannot resist the pressure of the "national nanny" who has raised the federal tobacco tax by twice times.　　While this could lead to a decline in the fiscal deficit in the context of an economic crisis, it was no doubt that justice had been compromised and that the Statue of Liberty had been disgraced-since the rights of minorities were not truly protected. (Author: United States Tax Foundation chief economist Cole Frinau Zhang Jintri compiled) "Japan Economic News" May 14 editorial Japan's "Black-letter power" of the throne crumbling according to the 2008 annual balance of payments, Japan often black word is only 2007 half, the Big drop, a 1985 degree since the most. The slump in overseas markets has led to sluggish exports and a 90% reduction in Japanese trade in black.　　Often the black word "Big Country" was synonymous with Japan, but now the throne is crumbling. Given the short-term factors such as the boom cycle and financial market changes, the world's economic structure will continue to change, and Japan is hardly likely to recreate the huge black-letter record of the year. America's excess consumption has promoted exports to Japan and China for years, but this imbalance between the US and East Asia is shrinking, especially after the financial crisis, the flow of money and trade between the United States and East Asia will continue to crumble.　　From the domestic point of view, with the increase in the number of small children, the Japanese national savings rate is declining trend, which will also hinder the regular increase in black words. So how to change the status quo of Japanese black-word drama? On the one hand, reconstruct the "overseas income model". Japan should change the export structure that it used to rely heavily on the US market and work closely with the High-growth Asian region to trade and promote the liberalisation of intra-Asian trade and investment. On the other hand, we encourage overseas investors to invest in Japan while encouraging the growth of large space industries such as the domestic welfare sector. To encourage overseas investors to buy JGBs at ease, it is necessary for Japan to boldly loosen restrictions and improve the international competitiveness of Japanese financial markets. (Liang compiled) the FT's May 14 column, Mr Geithner, is not as good as Japan's crisis against the banking system, which was used in the early the 1990s by a clean-style approach, strict financial health accounts, nationalisation of insolvent banks, distinction between "nice banks" and "bad banks".　　Japan is peremptorily to inject a lot of taxpayer money into the bank. U.S. Treasury Secretary Timothy's US bank rescue plan, critics say, is closer to the Japanese model than the Swedish model. This may be true, but the Japanese model is actually working well.　　In the current environment, it may be better. Japan's smallest city bank, Hokkaido Bank, collapsed in 1997. Later, the method of injecting funds worked. Resumed the fourth trading in the stock market. But in reality, politicians are too timid to have enough of the new bank's capital. The sharp decline of the 2000has created another housing slump and more bad debt burdens. The reformist Koizumi government embarked on a hard-line Swedish-style route, and the weaker bank stocks plunged 50% to 70% again.　　Resona's share price doubled four times-fold in the next 12 months, when the Bank of Japan was insolvent in April 2003 and the government injected a lot of money into the bank. "Shuizhi", when Japanese authorities found that rigorous stress tests on banks would leave them in a pool without fish, they sent a powerful message: any systemically important institution would be supported at all costs.　　Since then, the banking crisis has melted and Japan has been back on track. (Author: Peter Task He Yanyan, senior Japanese economic analyst, compiled) The Times May 14 commented that taxpayers saved Olympic villages taxpayer money was used to rescue a 1 billion-pound Olympic villages after private funding failed.　　The latest aid from the British government is also the third in a year, meaning nationalisation of the 2012 Olympic construction project. The ministers agreed to invest £ 32.4 million in the Olympic Village, where public investment has reached 65 million pounds. The money will come from the government's 2.7 billion-pound contingency fund.　　Olympic Minister Tessa Jowell told lawmakers that the 9.3 billion public budgets planned for the Olympics would not be worth the value. British Conservative Olympic spokesman Hugh Robertson said: "The Olympic costs are taken over by the state is not a happy thing." When market conditions are improved, they should be taken over by private capital. 　　He went on to say that the rate at which emergency costs were being used was "a cause of concern". In its original plan, the Olympic Village was built by the Australian Union Sheng Group (Lend Lease). But in the recession, it is temporarily unable to raise the money. In the end, the group agreed to offer 37.5 million pounds, including 22.5 million bank debt, but this was rejected. DCMS, Minister of British Culture and Media Sports (Jowell), said it was not a "good deal". "In the long run, it will cost more public money." By funding the entire project, the Olympic Village will be publicly owned and the public purpose will be to derive real benefits from sales. "The Olympic Games Delivery Authority, which is responsible for the construction of the Olympic venues, predicts that at least 50.1 million pounds of compensation will be available for sales of homes and shops in 2013."　　Officials will not reveal the basis of the forecasts, but they are wary of estimating the housing market. (Author: "The Times" Olympic affairs journalist O ' Connor He Yanyan compiled)