China advances a grip on IMF

[xchrom]

http://www.atimes.com/atimes/China_Business/MG29Cb01.html

LONDON - The new Chinese deputy chief of the International Monetary Fund (IMF), Zhu Min, is known by many in the financial capitals in the West for warning as early as 2007 about the dangers of the United States sub-prime mortgage market and its dire consequences for the global economy.

"There is money everywhere," Zhu, at the time still a little-known internationally official at China's Central Bank, said in a speech. "You can get liquidity from the market every second, for anything. So people are investing in assets with no idea of the risks they are taking."

Wall Street in New York and the City, the financial center of London, ignored his warning, which contradicted the official position of the world's premier financial watchdog at the time. The


International Monetary Fund (IMF) has since reversed track on financial derivatives and has also embraced Zhu Min's wisdom, making him first an adviser and now a deputy managing director.

[Fearless]

1. Sounds like good leadership if they listen.

[AverageJoe90]

2. IDK............

Besides, we don't want a non-democratic China to actually prosper, do we?