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BY CHRIS CLANCY (Read Part 1,  Part 2,  Part 3, Part 4, Part 5) In Western Europe, over a very long period of time, events transpired which would result in what we now call the Industrial Revolution. It’s widely accepted that it really got underway in the second half of the...
BY CHRIS CLANCY (Read Part 1,  Part 2,  Part 3, Part 4) The study of economics poses many great questions. But there’s one question in particular – which most of us may well have wondered about at some time or another – even if we never actually studied the subject. The question is...
BY CHRIS CLANCY (Read Part 1,  Part 2, & Part 3) Here’s a story which I find both interesting and inspirational. It is about a French economist called Pascal Salin. On the face of it, the most striking thing about Salin is that he made it to the top of his profession at...
BY CHRIS CLANCY (Read Part 1, & Part 2) Historically, and legally speaking, there have always been three ways of getting very rich very quickly. You could earn it, inherit it, or do it the old fashioned way and marry it. Of course these three ways still exist - but nowadays we have...
BY CHRIS CLANCY (Read Part 1) I recall an aged professor solemnly telling us, that the days when a man could start out with only a few dollars in his pocket, and single-handedly turn it into millions, were over. I can still remember his opening words. More lament than lecture. "Gentlemen," he wheezed to...
BY CHRIS CLANCY When I was working in Wuhan I met a couple from the UK. They were having a two week jolly in the Far East. They spotted me in a crowded department store and needed some help. Rather than give them directions I escorted them to the shops they needed. We...
BY CHRIS CLANCY The following story is told for purely selfish reasons. The purpose is to illustrate and share the misery which so many students of economics have to endure. I recall a group of these unfortunate souls approaching me some time ago. They wanted to discuss one of my articles. Of course...
BY CHRIS CLANCY Before the emergence of the welfare state, some help was available for those in need – real need. It was provided voluntarily by charitable people and organizations. This was one of the many attributes of what we once fondly referred to as “civil society”. Any such help was,...
BY CHRIS CLANCY Last weekend, yet another hugely expensive “climate change” conference was held in Doha, Qatar. Almost predictably, it came to an end in a manner which was both confused and inconsequential. What exactly was achieved? Nothing! That fact it was held in a country which earns its money by exporting fossil...
BY CHRIS CLANCY November 2012 has drawn to a close. One last thought before we brace ourselves for what’s to come. A few days after the election, Peter Hitchins wrote an article entitled, “The night we waved goodbye to America... our last best hope on Earth.” It sounds a bit over the top...
BY CHRIS CLANCY It’s taken a week for the election result to finally sink in. As a foreigner, living far away from it all, I thought it gave me a better prospective. But I got it completely wrong. As did many others – even the “experts”. I thought reality would prevail....
BY CHRIS CLANCY Election 2012 is drawing to a close. The finishing line is in sight. And not before time. Obama’s first term has been quite a learning experience – for him, his loons and the rest of us - a not-to-be-repeated example of just what happens when a bunch of...
BY CHRIS CLANCY The Petrodollar System: A Brief Overview: 1974 – 2012 Introduction The petrodollar story has a little bit of everything. Hope, ambition, political intrigue, mystery, treachery, greed, deceit, betrayal, despair, poverty, envy, wealth, frustration, anger, courage, rage, conflict, revenge, retribution and more and more and on and on it goes...
BY CHRIS CLANCY Let’s pick up where we left off at the end of Part 2. In the first half of the 1980s the USD appreciated to the point where American exporters were having a very hard time of it. The driving forces behind the over-strong dollar were the petrodollar...
BY CHRIS CLANCY Let’s continue the story (see Part 1) with yet another quote from Marin Katusa, not only someone who knows what he’s talking about, but someone who can actually write: “Until November 2000, no OPEC country had dared to violate the US dollar-pricing rule, and while the US...
BY CHRIS CLANCY Like all great performers Obama has saved the best for last. The Middle East, as if right on cue, erupted last week. Unfortunately for him, it would seem he misplaced his script shortly after “hope and change” got underway: “Obama would make us loved throughout the world once...
BY CHRIS CLANCY When President Warren Harding took office, way back in the 1921, he appointed Andrew Mellon as his Treasury Secretary. Harding set Mellon the task of reducing the huge federal debt from World War I. On paper the solution was simple – increase tax revenue and/or reduce...
BY CHRIS CLANCY May 2010. We got the new high speeed train from Wuhan to Xianfan. Absolutely beautiful. Fast, spacious, clean and comfortable. The journey only took about two hours. A far cry the the six hours or more it took on a bus. From Xianfan a car was waiting to take...
BY CHRIS CLANCY (February/March 2009.) Off we went again. On a professional level, this semester would be the most complete and rewarding one of my time at ZUEL. I knew my courses were airtight. I could tweak them here and there but, basically, after seven semesters, this was as good...
BY CHRIS CLANCY January 2009. We made plans to head south and visit Sean, YoYo and Mr. Wu. We decided to go just after the Spring Festival got underway. The idea was there wouldn’t be as many people travelling. This was true, although, not “as many people travelling” in...