...I will be commenting on the state of sovereignity (as a model for order in the world) and its usefulness to the modern world. Most likely I will be publishing a book on the same subject later this year.
Suffice to say that historians in future generations will look upon this time as a formative firmament for much more grandiose political tectonics. One of the more important occurrences during the last decade is that opinion and information flows are much more difficult to contain, and "control" more ephemeral.
Signs that China is getting a grip on a surge in local government debt is good news for the country’s credit standing, Moody’s Investors Service said Monday.
Moody’s said an announcement last Wednesday by Chinese Premier Wen Jiabao that local government debt rose just 300 million yuan ($47 million) on net in 2011 signaled an effective containment of the policy-induced ramp-up of local government debt in previous years.
“Containing the expansion in local government debt is credit positive for China, controlling the growth of the sovereign’s potential exposure to contingent liabilities from local governments and creditor banks,” Moody’s said in its latest weekly credit outlook.