Temporality and NetworksHi Brian, Thanks forthis.
I did someresearch to see if there were any other opinions on the subject.I was able tofind this commentary; http://www.ips.org.sg/pub/kishen/pa_kishen_Is%20There%20a%20Case%20for%20an%20asian%20bond%20fund.pdf Amongstseveral points and insights identified in the hyperlinked text, probably themost interesting was the author?s postiion indicating a need for Asiangovernments to diversify away from bank lending and towards bond financing. Bonds,as opposed to banks, offer more liquidity and more opportunity forsecuritization. This is probably also a indication that Asia might be interested incentralazing their monetary policy. It would be a US dollar bond derivative more or less. At thispoint, especially since yesterday and considering recent movements by theEuropean Central Bank with respect to LIBOR spreads and general liquiditymalaise, investors are already fleeing the Euro in forex markets and purchasingyen and remnibi as flight to quality. From what I understand, China stillmaintains the highest trade surplus of any Asian economy, and hence, it makessense that their curreny would be desirable as an alternative to the ECB?smonetary problems which seem to be on the horizon. Thejapanese story is very stimulating, and I?m sure that the rest of the Asia would like to be in a position tobenefit from the extraordinary capital surplus that has developed following theupheaval in japanese credit and banking during the late 1990?s. Itdefinitly isn?t a surprise, that given the level of domestic violence againstthe Thai government as seen in recent reports coming out of that country, thatfinancial instability is probably not that far behind, and hence it is probablyin the interest of the weaker currencies in the region to attach themselves to thestronger. /*Chad Scoville # distributed via <nettime>: no commercial use without permission # <nettime> is a moderated mailing list for net criticism, # collaborative text filtering and cultural politics of the nets # more info: http://mail.kein.org/mailman/listinfo/nettime-l # archive: http://www.nettime.org contact: [EMAIL PROTECTED]
