I have read this article from WSJ Chinese, about the world summit for financial crisis. Chinese President Hu Jintao lead the Chinese officers to attend.

http://chinese.wsj.com/gb/20081107/bch094638.asp?source=email

I cannot really comment it a lot because the content and the result is not known yet.

However, China's diplomatic perspective shouted out at least on great signal: If we are to pay for the party, we should make the rule next time.

It has been a while that the dominant power of the world is western. Western culture, western social structure, western economic and legislative theories and policies, even western languages are the dominant power of the world for the past hundreds of years.

This financial crisis started from the very basic concept of westernized world: the American dream that enables the average people to afford what they cannot afford elsewhere by means of the power of the United States economy for leveraging capital, maintaining credit, and take advantage of arbitrage information. It allures the average American residents to go for the ultimate greed that they have longed for. However, almost all the bubble are built up on financing contracts, paper-based responsibilities, namely credit in a westernized model.

Now, this summit, for whatever reason it is called, was supposed to ask China, India and maybe some OPEC countries to pay for this mess. I guess you will feel something similar to this: A group of naughty kids coming into your house, you have paid for the decorations, food and drinks. The kids have finished all the food and drinks, started to jump on your luxury furniture, broke them, and then left. Now you have to pay to buy new pieces of furniture.

Do you like this? If not so, then you should educate the kids, help them to grow up to realize their responsibility, and discipline in the next party.

The same should apply to the future of world economy. The world is now a more one-economy, as we are managing our capital together, we should really know each other better, educate and communicate each other better. This include not only financial regulation, cultural communication, but also closing the gap of living standards by eliminating lavish spending and debt, leveraging physical and material resources including energy etc. After all, we cannot afford one kid of our family to live a lavish life while the other suffer diseases, famine, and war, etc.

Good luck, Bank of Earth!