"Good point. The situation is much more politically fragile in China, but it has the added advantage (so to speak) of running a political system where it can exercise direct, anti-democratic control. In some sort of normalized sense, there might be some sort of geopolitical risk homeostasis at work, with the the U.S. getting away (temporarily) with immense fiscal risk because of its stronger democratic institutions."
- Paul Kedrosky
"For sure. The trouble is that you can't have it both ways: You can't have a royalty scheme that secures Iraq's future with five years of increased oil sales, while allowing MNOC's sufficient risk premium to make investing in Iraq rational."
- Paul Kedrosky
[post] The Gnostic Truth of Real Estate: A favorite quote of mine about real estate popped up in a Tom Van.. http://paul.kedrosky.com/archive...