A push to create a yuan trading hub in Canada is gaining momentum as
countries around the world race to boost their share of trading in Chinese
currency, which has grown dramatically along with China’s economy.
The
Toronto Financial Services Alliance, a group made up of some of Canada’s largest
banks and financial institutions, and a British Columbia business organization
called AdvantageBC, announced on Wednesday that they have joined forces to
promote Canada as a centre for yuan trading
The Knowledge Network rebroadcast the film
The Smartest Guys in the Room last night, about trading culture and collapse of Enron in 2001. It is an excellent view of the emptiness, futility and moral debasement of enterprises that base themselves purely on trading.. rather than industry, invention and production.
Ultimately a mob mentality emerges, driven by greed and power lust. There's nothing substantial produced in all this frenetic activity.. just devastation for economies and markets (like the California energy crisis that Enron precipitated for its own enrichment).
This too will inevitably collapse.. driven by the vacuous tenets of montarism (global free trade in currency and credit). This is made worse in that it deals with sovereign national currencies. These traders will sell out their own currency.. to appease a completely fictional 'invisible hand' of the market. It will work to undermine the real economy that requires monetary and credit stability.
I can't believe narcissitic morons that inhabit executive offices in banks and trading institutions these days. But you can get a sense of ethics and intellect by watching this film when you get a chance.
