The United Nations warned on Wednesday of a possible crisis of confidence in, and even a “collapse” of, the U.S. dollar if its value against other currencies continued to decline.
In a mid-year review of the world economy, the UN economic division said such a development, stemming from the falling value of foreign dollar holdings, would imperil the global financial system.
Meanwhile, China's yuan has hit a record high against the US dollar after the US Treasury department said the Chinese currency was undervalued but not manipulated. The People's Bank of China (PBOC) fixed the yuan's mid-point at 6.4856 against the US dollar on Monday.
But, there are reports that China is going organic... but only running their organic farms to feed staff. The "melamine milk" and "glow-in-the-dark" pork and "exploding watermelons" are only for foreign consumption, I reckon.
Australian National University professor Peter Drysdale has prophesied that the TPP will "drive a wedge down the middle of the Pacific between the United States, its partners and China." Japanese Prime Minister Naoto Kan found himself facing the sharp end of that wedge at the beginning of last week at his summit meeting with Chinese Premier Wen Jiabao and South Korean President Lee Myung Bak. Japan is in bad shape, and the specter of five dollar gas and out of control food prices, could be too much for Mr Obama his crew to handle.
But there is good news. ScienceDaily (May 27, 2011:
Recalling painful memories while under the influence of the drug metyrapone reduces the brain's ability to re-record the negative emotions associated with them, according to University of Montreal researchers at the Centre for Studies on Human Stress of Louis-H. Lafontaine Hospital. The team's study challenges the theory that memories cannot be modified once they are stored in the brain.
"Metyrapone is a drug that significantly decreases the levels of cortisol, a stress hormone that is involved in memory recall," explained lead author Marie-France Marin. Manipulating cortisol close to the time of forming new memories can decrease the negative emotions that may be associated with them. "The results show that when we decrease stress hormone levels at the time of recall of a negative event, we can impair the memory for this negative event with a long-lasting effect," said Dr. Sonia Lupien, who directed the research
If this ever come to market, it will an instance best seller. Does the book 1984 or the movie Soylent Green ring a bell?