I just finished watching an American Morning piece on CNN about China becoming America’s banker, and the dangers thereof. And that’s becoming old news.
But CNN’s own financial guru, Ali Velshi, had a fresh perspective on that Wednesday for those listening to his speech at the Atlanta Press Club.
“Nonsense,” he said of fears that China might abandon the U.S. dollar in favor of a stronger currency. In the future, Velshi said, you might see the world’s most populous nation opt for India’s rupee or another currency as its standard for investing. But no time soon.
Velshi, with CNN since 2001, is interesting in that he does not have a business background. He is a Canadian-born theology student. And I can see how that figures into his success. Someone aspiring to minister to and inspire others better have some charisma and be able to sell his message, whatever it is.
And APC listeners Wednesday, like those everywhere, are starved for economic news these days. The nation is in its worst shape in decades, and several major industries (homebuilding and autos among them) are on the ropes.
Velsh’s take: Things may be getting somewhat better even now. He noted that lately the economic news is “mixed,” not all bad. And I’ve even noticed that job losses nationwide have lessened in recent months.
Other Velshi observations:
— “There’s nothing like an American backed into a corner.” He explained that economic adversity will prompt jobless people to start their own businesses or check out related opportunities in other industries.
— The so-called 100 day “Obameter” for the current president is a bit misleading. He noted that President Obama and his administration began working on the economic bailout before it took office. So it had a head start on some things.
— Consumers still rule in America. Despite unprecedented government intervention in the automobile and financial sectors, it still will be consumer spending that revives the economy. When consumers start feeling better about things and loosen their spending, that’s when the turnaround will begin.