Representative in China
The Reserve Bank of Australia has issued a Media Release today to advise it is establishing representation in China. An office, located within the Australian Embassy in Beijing, will begin operations in mid October and will assist in the Bank's ongoing monitoring of economic and financial conditions in China. It will also help build relationships with various government agencies and private entities. I certainly hope the Chinese government do not view this move as a spying attempt.
The office will be headed by Mr Ivan Roberts. Mr Roberts speaks Mandarin and
has authored a number of papers on the Chinese economy. He is currently a senior
economist in the Asian Economies Research Unit and has had a number of other
roles in the Bank's Economic Group.
On a much more important note, does anyone know how much of Australian Super funds is invested in the American economy and if we have any RBA representative in Washington to monitor the risk profile of those funds while the American Congress stuff around with their own taxation and debt management problems. Diplomacy is one thing, but when so much money is being put at risk by economical inept elected polictical members of the American Parliament, surely our own RBA could be our representative to help protect our retirement funds by offering an apolitical view of where they may be going wrong.
Sometimes outsiders can see the problems far better than insiders who believe they have to pander to so many voting groups to deliver what they want instead of what they need. Refer to my other blog on my agreement with Warren Buffett that taxes must rise urgently....and in my view to save the value of capital in the stockmarkets...
What do our economic experts think of my opinions?