Even the most prestigious journals, purporting a global perspective, continue to ask such ludicrous questions as "What can the West offer Chinese Banks"?. They worry that with the current state of western finance, Chinese banks will stick to their domestic market for now rather than use their huge cash reserves to bail out western currencies.
How much longer will the press persist in this silly narrative based on national boundaries and vertical expressions of sovereignty as if they were still a useful framework for understanding human financial affairs.
In this day and age, almost any use of the word 'domestic' when discussing world trends should be challenged.
Take the so-called Arabian Spring for example. It epitomizes the transition away from vertical towards horizontal perceptions of loyalty.
With every passing month, more people are applying this new perspective to the realms of banking and finance and, with it, their awareness of how the current use of money is sucking all the world's wealth upwards into an inverted funnel towards fewer and fewer communities of obscene wealth and privilege.
I would be interested in hearing from any readers of this blog on whether you have already converted some of your personal capital into Bitcoins or some other form of digital currency outside the control of the current banking and insurance conglomerates.
Given the technical proficiency needed to host and administer this emerging alternative, it seems likely that China and other massively productive economies might be the ones to adopt and push digital coin towards critical mass. There is no better way to parley the Arabian Spring into a truly Global Economic Awakening?
Any economy that produces and grows real goods and services, as opposed to he fraudulent virtual derivatives typical of western banking, will have all it needs to begin using digital coin in a disciplined way to value and exchange those same real goods services.
With the vision and nerve to be early adopters, emerging economies could forever step outside the vicious mantra of IMF extortion: "Trap them with compound interest, milk them until endemic default, then transfer ownership to a few ('foreign') friends."