It’s intriguing sitting here in Berlin as the euro goes to the wall, as the US economy continues to tank and as it starts approaching big players like Australia and Burma to support them. Things are so desperate, Hilary Clinton is begging China to keep buying US government bonds and Mr Sarkozy himself phoned up the Chinese president, Hu Jintao, in order to rattle the can. Hu said, ‘bugger off; we’re not buying your junk bonds’. Or as Wang Yiming, from China’s National Development and Reform Commission explains, ‘Europe’s manufacturers are what would most interest us, with their technology and their strong experience’. But not quite just yet, since ‘the euro zone crisis has not entirely played out and asset prices are very volatile. They haven’t found their floor’. Some reckon the euro has about a week, since the run on the banks has begun, maybe a little more. Can’t wait for the Chinese to start snapping up bargains at the European and US garage sale.
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