Some thirty years ago a commentator used the analogy of the course of Western Civilization hitting an iceberg, suffering thereby the same fate as the Titanic at the beginning of the 20th century. In other words, in its immense pride and folly, believing itself to be impervious to any danger ...read more

Recently, China announced that it favours the reinstallation of the Special Drawing Rights as conceived originally by the Bretton Woods System.  In its capacity as the present day largest holder of US bonds, it is in their interest to ensure the security of their investments. But on closer look, there ...read more