90 seconds at 9 am: No Fed tapering until 2014; Sales of existing US homes drop; 22 'co-conspirators' in Libor scandal identified

All the while China dominates our meat export industry:

Meat Industry Association chief executive Tim Ritchie has warned the country's meat companies against becoming too reliant on the booming Chinese export market.

China is now New Zealand's largest single market for sheepmeat by volume and value, but the industry had to try to have a balance of trade outside of China, he said.

"It's about getting that balance right."

He feared a repeat of New Zealand's dependence on meat exports to Iran in the 1980s. Read more

But just like other matters the decision making is no longer in the hands of our elected politicians, but in those of unelected, but definitely unaccountable, bureaucrats. 

"But bluntly, I'm not in favour of big pay increases for MPs. If it was my vote, it would be no pay increases, but I don't get that vote."  Read more

Andrewj

I don't seeing anything in that slideshow that gives a compelling reason for the yuan to become the Global reserve currency.

A lot will have to change in China  and USA will have to continue on its destructive path and abuse of its' position as the worlds reserve currency..

ie. there will nee to be a Crisis...

My best guess is that at some point in the future there will be another Bretton Woods...  where the world creates a new Global Monetary system.

If it came to that....  I'm sure China will have a large part to play in that..... (maybe moreso than the USA.)

Must admit I like the reality version conducted daily on Wall Street  - the Fed guarantees everyone is a winner without the family squabbles and inevitable tears. And what's more illegal short sellers guarantee an abundance of script available for purchase and short squeezes. Yippee.

Yet whilst the financial sector likes to think of itself as the powerhouse of the UK economy, in terms of the tax it pays, it's more of a Wendy house. HMRC figures show a drastic reduction in Corporation Tax contributions since the financial crash – on average just £3.3billion a year, even when the paltry Bank Levy is included. To put this in context, the finance sector shelled out £14 billion in bonuses to top staff last year alone.

I guess our wine industry doesn't pay much tax either:

The value of New Zealand wine exports rose to a record in the 2012-13 year even as volumes declined, the nation’s growers’ association said.

Export earnings increased 3 percent to NZ$1.2 billion ($1 billion) in the year ended June 30, while export volumes fell 5 percent to 169.6 million liters, New Zealand Winegrowers said in it annual report published today. “The small 2012 grape crop meant wine was in short supply and wineries took the opportunity to improve their positioning in the market,” Chairman Steve Green said in the report. Read More

Does this not amount to an export price of ~NZD 5.31 per 750 ml bottle? After all up costs are deducted how profitable can this endeavour be, other than to the supermarkets knocking it out at plus 2-3 times this cost to the locals? Glad to be corrected by those who know better.