The Chinese characters for “Hong Kong”. (Photo credit: Wikipedia)
Dr Alf raises an interesting point about credit rating agencies vis a vis China and Russia.
From where I sit, the Chinese who now have as much gold as the Vatican and who control large amounts of US debt are relentlessly focused on surpassing the West in every field of endeavor and of assisting their allies.
Credit rating agencies serve as a tool of the West in determining the value of economies and companies, so it it natural for China which is going, via Hong Kong, to become the leading financial center in the world by 2016, with Singapore taking the number 2 slot ahead of New York and the City of London, which will be relegated to 4th position, to enter this arena as well.
Once again our Western leaders and their complacent civil servants are behind the curve and becoming followers of events.
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