and leads to ! ...

http://globaleconomicanalysis.blogspot.com/2008/08/us-blackmailed-by-china.html

Last paragraph reads:

"The epilogue brings the story of private coinage in Great Britain up to date by describing how Ralph Heaton II purchased the contents of the last Soho Mint at auction in 1850. Heaton used that equipment to establish the Birmingham Mint, Ltd., which became the biggest private mint in the world, and survived until just recently, having been a major producer of Euro coins and blanks. In 2003, however, the Royal Mint—embittered by its failure to win a substantial share of the Euro market—took advantage of public subsidies to force its private rival out of business, violating a long-standing agreement to share foreign coining contracts with the private sector. Parliamentary investigations subsequently found the Royal Mint guilty of gross mismanagement. In December 2004, the Royal Mint’s status was changed from Treasury agency to government-owned firm in what many saw as a prelude to its privatization."

the term "moral hazard" has also been showing up in the news ... the FED making funds available to bail out unregulated, risk investment banking. in theory risk investment banking is suppose to be unregulated and have the opportunity to take risks. part of that is they also have the opportunity to fail. When the FED intervenes to prevent such failures, it creates "moral hazard" ... perception that investment banking won't be held responsible for failures ... they are likely to take greater and greater risks.

post from yesterday
http://www.garlic.com/~lynn/2008l.html#42

commenting on:

China Wins Financial Olympics as Credit Losses Hit U.S., Europe
http://www.bloomberg.com/apps/news?pid=20601087&sid=a8njO_1bnVMQ&refer=home

there have been articles in the past several months that the safety and soundness of China banks are doing much better than western banks (US and Europe) because they have been regulated.

http://freedominourtime.blogspot.com/2008/07/big-bailout-america-as-full-spectrum.html

he seems to have a tad more children and religion that you mate!

otherwise fun stuff :)