Today we reach the middle of our series and will shortly be introduced to our third, possibly unknown person. Before we meet our next money person, here is a quick review of who we have passed so far.
Mr. Dominique Strauss-Kauhn’s (DSK) who is now officially the former head of IMF. DSK’s situation has put the IMF’s power struggle directly in the cross hairs of several powerful government bodies.
Mervyn Allister King (who thank goodness avoided the jinx of being named important in our writings) is head of the Bank of England, which as a reminder was one of the countries NOT to join the European Union.
Assuming our memory is now jogged and we are ready to meet another important money person, don’t look now but here he comes:
Do you know who this is?
His name is Zhou Xiaochuan.
Do not let his youth like appearance fool you as he is another very powerful person. He is head of an entity formed on December 1, 1948.
His entity’s stated objective, which is almost identical to the US’s is “To maintain the stability of the value of the currency and thereby promote economic growth.” His entity presides over a country with over $2 Trillion in total reserves, 1.3 billion people and a GDP growth rate averaging in the high single digit to low double digit over the last decade.
Mr Zhou Ziaochaun is the head of PBOC or the Peoples Bank Of China. Mr. Ziaochaun is the West’s version of Ben Bernanke and contrary to Big Ben, has been pulling levers to SLOW his country’s growth in order to prevent an overheated economy, most notably the real estate market.
As head of one of the worlds largest countries by population and trading, Mr. Xiaochaun, and his successors will be very important for future generations to come..
We will continue your journey soon.
Have A Great Day!
JK