CHINA: In an op/ed in the China Daily today Shen Dingli refuted the claim that China’s high savings rate led to the cause of the U.S. real estate bubble bursting. These claims were made by none other than Ben Bernake.

China has no social security system yet, similar programs are being “mapped out” right now, and it may be years before they do. As a result, Chinese citizens save a larger percentage of their money than American citizens. For a country who’s average per capita GDP is about 5% of the U.S., being able to save at all is impressive. Also accuses American businessmen for trying to pass the buck for overspending.

It is interesting to read a Chinese writer talking positively about the transformation into a consumer culture. But mathematically, China still has a long way to go. Their GDP as a whole is about 1/4 of the U.S. and their per capita is 1/20. Not very much of that money is trickling down to the consumers.

Article from the China Daily: Logic of blaming China for US crisis is bizarre

From France 24 English

CHINA: Who knew that China had a thriving, get rich quick, contemporary art market? Aparently the days of windfall art profits are over though, as France 24 reports.

JERUSALEM, ISRAEL: In Jerusalem a verbally violent encounter today the Israeli Central Election Committee voted to ban two Arab parties from the upcoming Knesset elections. Those in favor of the ban cited support of terrorism and refusal to recognize Israel as a state. The Arab party leaders responded in kind claiming they had never seen such “racist voting, by such a racist collection of people.

The Arab leaders from the UAL and Balad parties say that they are part of Israel and they recognize its existence, but they will never support Zionism, an ideology which would have them removed from their holy land. The fighting degenerated into mildly humorous, albeit completely inappropriate personal attacks, with one of the ruling party leaders calling the Balad head “unemployed” and a “bum”.

As the tension mounts between Israeli and Palestinian forces in Gaza this conflict is only going to get worse. Most likely the High Court of Justice (great name, huh?) will reverse the ban as it has done with similar ones in the past, but the partisan damage has been done.

Article: Elections C’tee bans UAL, Balad lists

Is the CECe Justified in Banning the UAL and Balad

• Yes
• No

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