Best week ever for China

for those of you not paying attention, China is having a great week:

1. fortune magazine will be reporting next week that china has accrued over $1 trillion dollars in what has got to be one of the largest cash hoards in history. this kind of money can do alot for chinese sovereignty. with this kind of cash laying around china can absorb its bad bank debts, buy a shit load of military equipment, invest in coal and oil anywhere in the world, and stave off USA demands about its currency policy. this amount of cash is roughly 9% of total u.s.a. gross domestic product.

2. also last week china found a huge stash of oil in its backyard, which for a country that uses approximately 6.5 million barrels a day, is a pretty good little find. that has to be a few billion dollars in direct savings since they do not have to buy it from the strained and over-priced international market.

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