Taiwan New President Inaugural Speech
Ma Yingjiu inaugural speech yesterday:
part 1: http://youtube.com/watch?v=aXsEPY8ShvU
part 2: http://youtube.com/watch?v=r_FZfcDQn3s
part 3: http://youtube.com/watch?v=jtXVjfGuBNw
I think his speech is generally positive for the across-strait relationship. But his speech dashed the hope for any immediate political solution. He advocates “no independence, no unification, no military armament”.
Taiwan index was down 2.5% afterwards:
(clicke to enlarge)
Taiwan ETF is down over 3% today, but the trend is still up:
(clicke to enlarge)
EEM: MSCI emerging market index
EWT: Taiwan ETF
Fear no more
Bloomberg reports TED spread, which measures the difference in yields on three-month U.S. Treasury bills and the three-month London interbank offered rate, or Libor, dropped to nine-month low. Market confidence is coming back.
(click to enlarge, H/T: Bloomberg)
Earthquake and China
NY Times reports, in earthquake, China is beginning to develop its own robust civil society. This can't happen without rising economic prosperity and personal wealth. Milton Friedman's essay on the relation between economic freedom and political freedom makes more sense than ever.