Global Notes # 13
by Jerry Harris
. S. Korean president hits US
President Roh Moo-hyun hit out at the US in strong language saying that S. Korea was “clinging to the crotch of the US’s pants and hiding behind the US’s ass.” Polling extremely low perhaps Roh is returning to his leftist roots that got him elected in the first place.
. China keeps growing
China’s growth is replacing the US as the engine of the world economy. China is the world’s largest consumer of steel, cement, copper, aluminum and zinc and the second largest oil consumer. Says Robin Bhar of UBS, “The fact that growth in the developing world will offset the decline in demand from the US represents a turning point for commodity markets, which have been historically tied to the expansion and contraction in the US economy.” (more…)
