http://www.walterhutchens.net/blog/archives/2008/03/20/boc-shares-drop-below-ipo-price/ Writing about China, law, technology & sundry other matters. Sat, 06 Sep 2008 01:40:32 +0000 http://wordpress.org/?v=2.6.1 http://www.walterhutchens.net/blog/archives/2008/03/20/boc-shares-drop-below-ipo-price/#comment-30349 David Hepworth Thu, 27 Mar 2008 03:30:44 +0000 http://www.walterhutchens.net/blog/archives/2008/03/20/boc-shares-drop-below-ipo-price/#comment-30349 As the credit crisis becomes America's top export, we will see more global ramifications. Imagine if Citic had put the billion into Bear a week before. The reason the US dollar denominated investments were once like gold, a refuge from global crises, is that our markets were always opaque and liquid. The recent subprime based CDO's are neither. This has tarnished our markets and the dollar for a long time to come. As the credit crisis becomes America’s top export, we will see more global ramifications. Imagine if Citic had put the billion into Bear a week before. The reason the US dollar denominated investments were once like gold, a refuge from global crises, is that our markets were always opaque and liquid. The recent subprime based CDO’s are neither. This has tarnished our markets and the dollar for a long time to come.

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