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Journal chill's Journal: Which Fed is More Important? 3

Journal by chill

On Wednesday, Ben Bernake laid out his exit plan for the Fed to start tightening credit and the markets barely rippled?

Today, the People's Bank of China increased the reserve requirements for member banks for the second time this year and markets around the world get rattled.

So, the central bank of greatest concern to investors and U.S. businesses right now isn't the Federal Reserve. It's the People's Bank of China.

In other news, Japan is scheduled to release their GDP numbers for 2009 this weekend. It is widely expected they will show Japan is now the world's #3 economy, slipping behind the new #2 -- China. Note: The E.U. taken as a whole would be #2. But individually, it is U.S., China, Japan.

http://money.cnn.com/2010/02/12/news/economy/china_central_bank/

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Which Fed is More Important? More

Which Fed is More Important?

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  • The European Union taken as a whole is #1, but the part of the European Union which adopted the euro as a single currency (the euro zone) is behind US.

    • Re: (Score:2)

      by chill ( 34294 )

      Thanks, I was going from memory which was a few years old.

      I wonder if the EU will have the political chutzpah to enforce the rules about debt and give Greece, Spain and Portugal ultimatums.

      • I think they won't be able to offer anything more than the usual claptrap of "solidarity", "holding the ranks", "strong support", etc., etc.

        Things are not that bad yet. Even if they would have agreed on a bail-out behind the scenes, it would be foolish to announce it. It is an enormous moral hazard. And it will become a self-fulfilling prophecy, the Greeks are already on strike, even a whiff of of a bail-out will destroy any will to face the challenges of austerity imposed from outside. They will simply

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