A must read as you say for serious students of economy !

As for what Mr. Liu is proposing regarding yuan related trades with poor country , and there are many propositions in there along with his analasis of the global crisis and the specific situation in China or the matter of wages , it`s sounds to a neophyte such as me that it would indeed brake the dollar hegemony as he says to be counterbalance by a growing yuan hegemony ...

Somehow isn't that what the Chinese gevernement has done over the last year by making worldwide trade agreements from Asia to South America ,Africa as well as Russia and the Middle east ?

This crisis will definitly change the economic world order over the next decade and China apppears to be the next winner. Will it make lower wages workers winners there as well as elsewhere ? I personaly hope so 'cause i always thought and still believe that a human's revenue should never be a multiple of what another gets for similar energy and time spending.

To me an hour of life as the same value all over the world in the face of oblivion and that's what we eventualy all face. Distortion or inequity will always exist but when somebody makes in his lunch hour what another one won't even make in a lifetime or a year, in terms of monetary revenue, it has nothing to do with talent, knowledge or any type of exploiter excuses to justify the distortion brought about by hystory or geography.

The worl has come from slavery to democraty but it still has a long way to go before this " post slavery " political and organisational economy we are now in ,brings down the ienquities wich is in my view the main cause of the calamities of war and starvation .

Maybe Mr. Liu's views and hopes would be a step in the right direction if it does'nt lead to another shift in tyrany.

As for the intricacies of money and interest rates markets it's above my understanding and knowledge but intuitively it's seems obvious that the yuan should get stronger over time as the $US gets weaker following america's indebtedness especialy towards china and it makes sense that China should stimulate national consumption and rely less on export .

Everybody talked about new economic financial and market rules lately even our PM last night but they don't all mean the same thing 'cause interest diverge as mr. Liu stressed , it will be interesting to see where that leads and the G20 reunion next month will only be a first step towards what i expect to be a long and arduous road to compromise yet time is of the essence at least in some matters , especialy for commercial backed papers , if we don't want to make things worst for the world economy.

My amateur's perspective that a depression can be avoided or maybe just wishfull thinking. Listening to David Dodge and The Prime Minister last night left me with a gloomy taste i hope for something better for ll of us.

Thank you for that referente to mr. Liu's text and website