Thanks....
To our listeners, guests, crew and sponsors who make the Yo Soy Latino show possible a warm and heartfelt thank you.
Yo Soy Latino Radio has been bringing great radio to your neighbors, friends, family, and to you (our listeners) for the past two years. We have done so with help and advertisers like you. But like everyone else in this tough economy we’ve had to tighten our belts and made choices to keep quality programming alive.
If we are to keep the doors open, the lights on and maintain great quality programming like this on the air in Central Florida given these tough economic times, WE NEED YOUR HELP! Your generous contribution today to the Yo Soy Latino Radio Show will fuel its commitment to bringing Central Florida’s focus on public media.
To subscribe to our newsletter simply send your request to yosoylatino5@aol.com or host@yosoylatino.us and we will make certain you receive the latest updates! Also, feel free to visit our website at yosoylatino.us and listen to our past shows. Don't forget to sign our guestbook and take a moment to share your thoughts, views and ideas regarding the show. Remember your opinion matters!
You can talk with the host on air by calling the station’s guestline at 407-774-0810 every Saturday from 12-1 p.m.
Cool Trivia...
October 29, 2011
1618 – English adventurer, writer, and courtier, Sir Walter Raleigh is beheaded for allegedly conspiring against James I of England
1682 – William Penn lands at what is now Chester Pennsylvania
1811 – 1st Ohio River steamboat leaves Pittsburgh for New Orleans
1872 – J S Risdon patents metal windmill
1881 – Judge (US magazine) first published
1894 – 1st election of Hawaiian Republic
1904 – 1st intercity trucking service (Colorado City & Snyder, Texas)
1929 – “Black Tuesday,” Stock Market crashes triggers “Great Depression”
1942 – Alaska's highway completed
1945 – 1st ball point pen goes on sale, 57 years after it is patented
1960 – Muhammad Ali’s (Cassius Clay) 1st professional fight beats Tunney Hunsaker in 6
1964 – Star of India & other jewels are stolen in NY
1969 – Supreme Court orders end to all school desegregation “at once”
1974 – Law bans discrimination of sex or marital status in credit application
1982 – Car maker John DeLorean indicted for drug trafficking then later acquitted
1994 – NY Lotto pays $60 million+
2008 – Delta Air Lines merges with Northwest Airlines creating the world’s largest airline and reducing the number of US legacy carriers to 5
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NAI Realvest
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Movies...
Top 10 Box Office
October 29, 2011
1. Paranormal Activity 3
2. Real Steel
3. Footloose
4. The Three Musketeers
5. The Ides of March
6. Dolphin Tale
7. Moneyball
8. Johnny English Reborn
9. The Thing
10. 50/50
Opening This Week:
In Time
Puss in Boots
The Rum Diary
Anonymous
13
And They’re Off
The Double
Janie Jones
Like Crazy
Movie Review
The Three Musketeers — Rating: 2 STARS
On the whole, this 3-D version of The Three Musketeers had some lively shenanigans, but the flaws many. One in particular is that the story ends just when it should have kicked off. Though there were parts that were somewhat fun and entertaining--for example, the costumes were beautiful, the Bavarian scenery stunning, the music rousing and energetic and, of course the cinematography fittingly skillful--I would have liked more from D’Artagnan and the other three musketeers. Oh, and did I mention those flying airships, yes they have those too, armed with flame throwing canons and rudimentary machine guns. So what does this translate to? Well, if you are a fan of Alexander Dumas’ novel, ‘The Three Musketeers,’ this latest screen depiction is a far stretch and a painful distraction from the classic.
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Breaking News...
World and Local News
October 29, 2011
Bangkok Facing ‘Perfect Storm’
(CNN) – Thailand is facing its worst flooding since 1942, with 373 people dead, more than nine million affect and 28 – or more than a third – of the nation’s provinces at least partially flooded after a series of strong seasonal storms that brought exceptional rainfall. World Bank estimates 2 percent decline in GDP because of floods. Floods have caused $5 billion in damage to industries and half a dozen industrial estates, with Japanese industries alone facing losses of at least half that amount. Bangkok needs to raise dikes, invest in pump stations, coastal zone protection and land use planning, Craig Steffensen (Asian Development Bank’s Country Director for Thailand) said.
Stearns: Congress to Issue Solyndra Subpoenas
Washington (CNN) – A House GOP leader announced Friday that Congress will be sending subpoenas to the White House for internal documents regarding the decision to issue federal loan guarantees in 2010 to Solyndra, a solar energy company that has since filed bankruptcy. The White House is ordering a 60-day review of the Energy Department’s loan portfolio. Solyndra received $535 million in federal loan guarantees shortly before filing for bankruptcy. HOWEVER, the Energy Department officials defend the decision to back Solyndra, noting that the company's loan application was nearly complete before Obama took office and that the private-sector gave the company billions in additional funding.
Unions’ Attorneys argue Lawmakers, Scott ‘GOT GREEDY’
(Tallahassee.com) – Attorneys for public employee unions argued Wednesday that Governor Rick Scott and state legislators “got greedy” by making long-serving public employees pay 3 percent of their salaries into the Florida Retirement System. The Florida Education Association, other public employee unions and several individual workers have asked Circuit Judge Jackie Fulford to strike down the law. It also eliminates annual 3 percent cost-of-living increases on any pension benefits earned after it went into effect on July 1.
Fulford gave no indication when she'll rule. The case is expected to wind up before the Florida Supreme Court. The unions contend the law violates contract, property and collective bargaining rights guaranteed by the Florida Constitution. A 1974 law that eliminated employee contributions to the retirement fund also says pension benefits are a contract right.
Doug Hinson, a lawyer hired by the state, argued the Legislature had the authority to take that action under its constitutional budgeting powers. Hinson cited a 1981 Florida Supreme Court ruling upholding a 1978 law that reduced extra benefits for law enforcement officers. The opinion in Florida Sheriffs Association v. Department of Administration says lawmakers can "modify or alter prospectively the mandatory, noncontributory retirement plan for active state employees." Fulford questioned Hinson's interpretation. "It does not say you can gut it," Fulford said. "It doesn't say you can do away with it. It doesn't say you can change it to voluntary. It doesn't say you can change it to contributory."
Jury convicts Winter Springs Wife of Setting Fire, Trying to Murder Husband
Sanford (Orlando Sentinel) -- The Winter Springs woman (Kimberly Boone) accused of trying to kill her husband by shooting him in the chest three months after he survived a suspicious house fire was convicted tonight of arson and attempted murder. Boone, 46, is to be sentenced Dec. 5.
Feds Launch Orlando Rx-drug Squad
(Orlando Sentinel) -- The Drug Enforcement Administration on Friday announced the formation of a new squad created to solely investigate the illegal use and distribution of prescription drugs in Central Florida. That squad is investigating rogue doctors and pharmacies, and details of their probe – involving a Winter Park pharmacy – was one of several cases statewide announced by the nation’s top law-enforcers. Orlando federal prosecutors filed a criminal complaint Thursday against Youssef Saleeb, a 27-year-old pharmacist at The Medicine Shoppe on Howell Branch Road, accusing him of providing more than 15,000 oxycodone pills to several others, who then illegally distributed the drugs on Central Florida streets. His alleged co-conspirators, Ardovan Moayer, Shawhin Besharat, Wayne McGilvray and Keyan Haselli, were recently indicted on federal drug charges. Altogether, 22 people were arrested in the Orlando and Tampa regions Friday, including five doctors, for their suspected roles in the illegal distribution of prescription drugs. While rogue doctors continue to be a problem in Florida, law enforcers are now turning their attention to pharmacies.
Sentinel motions to Release Casey Deposition
(Orlando Sentinel) -- The Orlando Sentinel has filed a motion in court arguing against the efforts of Casey Anthony's defense team to have her Oct. 8 deposition sealed in her civil defamation lawsuit.
Cigars...
Fire Up with Jose’s top suggestions!
October 29, 2011
Carlos Torano Exodus 1959 Silver
Casa Magna Colorado Gran Toro
Don Pepin Series JJ
Indian Tabac Super Fuerte Gordo Maduro
601 Blue Box Pressed Maduro
5 Vegas Cask-Strength II
Fonseca Habana Seleccion Cosacos
Don Pepin Garcia Cuban Classic
5 Vegas Triple-A
Rocky Patel Puro Cubano
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Today’s Highlights
YSL is visited by Goblins, Jason Henry and Carlton Pierce
By Haydee Ayala
October 29, 2011
Orlando, FL — With Halloween just around the corner, YSL had their own ghouls and goblins in the studio, which were busy at work brewing up some spectacular antics of their own. Nonetheless, Miranda hits the road ignoring the little bumps in the night giving an impressive introduction, which Jason Henry described its import as glowing and one deserving of a stage.
Henry who has been a contributor to YSL immediately revealed that the city of Orlando was noted as the worst city in the United States for young people. Quoting a recent report released by The Daily Beast. Due to Florida’s record unemployment of 10.6 and debt, young people have been challenged because giving the old college try is simply not enough any more. AND, many are asking themselves, “Why is it important to go to college if one is faced with the painful truth of being unable to achieve a desirable standard of living?
These young men and women put in their time and graduated yet there are no jobs. And, if by chance they do find one they don’t qualify because they were never employed to begin with. Having no other option they rallied together to voice their 1st Amendment Right.
Of course, Orlando’s Mayor Dyer gave his State of Downtown address and in his speech he made know the plans to build a $200 million mixed-use project that would tie into Sun Rail’s Central Station in downtown Orlando. This is to be the city’s first “transit-oriented, mix-use development” which according to Dyer will generate hundreds of new jobs for the area as well as promote economic activity for Orange Avenue and beyond.
The first phase is schedule to launch in 2014 (two years away) which includes stations in Debary, Sanford, Lake Mary, Longwood, Altamonte Springs, Maitland, Winter Park, Florida Hospital, LYNX Central Station, Church Street, Orlando Health/Amtrak and Sand Lake Road. By 2016, phase two will start at a cost of another $100 million. That’s great for the city of Orlando but how is that helping the city’s young and older residents today, said Henry.
It isn’t long before this conversation fuels our listeners and the call-ins start pouring in, particularly one. A regular to the show who asked, “You spoke of change, things haven’t change in Florida since the 50s. How do you propose we do that?” Perhaps it’s time to go back to the drawing board and begin crunching some data. Florida’s population regardless of why the masses came here shifted from being mostly a white oriented retiree community to one that is today increasingly diverse, Hispanics being the vast majority in this state. In order to better serve the needs of its citizens it must change to deliver effectively to its cross-culture and that includes the young adults.
“Why are these young people willing to go out parading and protesting than search for employment and who would want to hire them after seeing them parade like this?” According to Henry (after speaking to a few) many have done so but with the unemployment figures at a steady 10.6 their struggles are great. These economic problems, many of which were barely imaginable a few years ago, are now forcing the young graduates to exercise their 1st Amendment. Of course the caller made another statement indicating that the Tea Party did not resort to those tactics but everyone including Carlton Pierce disagreed.
Miranda then invites Carlton Pierce in to the discussion. Mr. Pierce reminded our caller and listeners that everyone has the right to speak openly under a peaceably assemble, further adding that the Tea Party has been flawless in exercising their 1st Amendment rights. We need strong leaders and when our youth are dropping out of college while others decide not to go at all, and for those that do continue the course to find themselves with no independence and a return to home because Florida has no jobs. Then they are within their Constitutional rights. There is more to this dialogue but words could never describe the passion that unfolded today. Take a moment visit our archived shows and listen to the program live.
Well that concludes another hour of Yo Soy Latino. Between the goblins, our guest and listeners, we wish to thank everyone for their participation and look forward to seeing you back here next week. Be safe and Happy Halloween!
Fashion...
Stylish Trends for School Uniforms
October 29, 2011
Wearing a uniform doesn’t necessarily have to be dull, especially if you are a teen who attends private school. Adding quirky glasses to playful scarves can easily take a dress code uniform from boring to fabulous! Enhance your look with some flair to your feet with lace trim socks. Select a color that will add some punch to the outfit. Then, perk it up a bit, add a bright textured skinny leather belt or adorn your hair with colorful playful pins or clips for an instant pick-me-up look.
To add some serious style to any outfit while keeping warm in those cold classrooms add a cozy scarf. Not only is it an easy fix to make whatever you’re wearing different, it is the simplest way to up the ante. All you need is the right scarf. But, if a scarf is not quite your style, consider a cute crochet collar. The collar will bring a touch of femininity to any utilitarian uniform.
And, who can ignore the friendship bracelets. Juicy Couture has some great ones, trendily embellished and quite impressive. Or wrap your wrist around a bright over sized watch. Chances are you always have time on your side and no one will ever accuse you of being fashionably late.
Now, as you hit the hallways to dash to your next class, don’t carry those heavy books in your arms keep them neatly tucked away in a floral canvas backpack. You’ll find your school mates will be taking a second look. However, if you are not a backpack person, not a problem, invest in a classic satchel. This will still give you a perfectly stylish look plus it makes a great book bag. Also, if part of your uniform includes a buttoned-up blazer one can add charm with a bold anchors’ away pin, a large silver pin, or any artsy notice-me-now necklace.
What’s more don’t forget to treat yourself to bright manicures for an easy way to add color to any basic uniform. The idea is to have fun. Any one can stand out in the uniformed crowd simply by adding a few accessories here and there.
Upcoming Fashion Event:
The Windy City will once again be in the spotlight as they commence to celebrate the Latino Fashion Week's 5th Year Anniversary. This six-day social event, "By Latinos, For Everyone," will include runway shows, celebrity appearances, VIP parties, a three-day Fashion Lounge and Expo honoring Chicago’s local designers such as Jacqueline Amezcua, Goca, Karol Barrero, Que Shebley Zoë Damacela and the designs of Borris J. Powell (winner of the 2011 Oscars Designer Challenge). Working the runway will be Nicole Suarez, "Nuestra Belleza Latina" finalist, the NuVo TV Model Latina and others. Celebrity appearances by Hollywood fashion photographer Christian Rios and actor Nico Tortorella. If you happen to live in the area or are traveling there on that date, do check it out! Additional information can be obtained by going to latinofashionwk.com.
Sports Box...
Baseball
Game 7 -- Cardinals 6, Rangers 2 – CARDINALS WON SERIES!
(ESPN) -- Not since 2002 have we had a Game 7 in the World Series. It's up to the Cardinals’ ace Chris Carpenter who is pitching in Game 7. There can be only one winner and without a doubt, the tides turned in favor of the Cardinals as they have the home field advantage in Game 7. Freese and Berkman are very important players for the Cardinals to make the significant output. If these two players will have yet another explosion, then the Cardinals will have the opportunity to capture the World Series.
Basketball
NBA Games Canceled through November 30
(NBC) -- Stern said union executive director Billy Hunter and union president Derek Fisher of the Los Angeles Lakers "said that he was not willing to go a penny below 52 (percent)." Players were guaranteed 57 percent in the previous collective bargaining agreement. However, during Friday’s six-hour session Hunter said the league initially moved its target down from 50-50 to 47 percent then returned to its previous proposal of 50 percent of revenues. "We're not quite sure if they're at 50 or if they're really at 47," Fisher said. But Stern challenged that characterization, saying the league’s offer was 50 percent. No further talks have been scheduled.
Football
Al Davis Oakland Raiders Owner Died of Heart Failure
OAKLAND, CA (ESPN). -- The cause of former Oakland Raiders owner Al Davis' death has been determined to have been heart failure. The death certificate issued by Alameda County says Davis died at age 82 at 2:45 a.m. on Oct. 8 from an abnormal heart rhythm, congestive heart failure and a heart muscle disease. He died at the Oakland Airport Hilton, where he lived during much of the football season. According to the certificate, Davis also had a form of skin cancer and had undergone throat surgery three days before his death. He also underwent heart surgery in 1996. The details of the death certificate were first reported by TMZ.
Wines...
Top Choices for Under $25
October 29, 2011
White:
Liberty Creek Chardonnay Magnum
Barefoot Cellars Pinot Grigio Magnum
Barefoot Cellars Moscato Magnum
Atlanta DiVico Pinot Grigio
Red:
Cupcake Vineyards Pinot Noir
Blackstone Merlot California 2007
Mirassou Pinot Noir California
Apothic Red Blend
Mark West Pinot Noir California
Bodegas Graffigna Centenario Estate Reserve Malbec
Cantina Zaccagnini Montepulciano d’Abruzzo Riserva
Special Interest...
Helping Others
The Cheyenne River Sioux Tribe has recently been through 2 winter storms leaving the reservation without power or water. They are in dire need of monetary contributions of any size to assist with the incurring expenses. Your donations and contributions will help in keeping their Tribal members alive, fed and warm.
For more information go to the link below: https://secure.piryx.com/donate/0oFFsK8c/Cheyenn-River-Sioux-Tribe/
Also, keep in mind that it’s been a tough year for many Americans and the world at large and your local American Red Cross was not immune. Give generously to this non-government humanitarian emergency assistance and disaster relief program so that they can continue to perform their acts of kindness; for more information go to www.redcross.org.
Recipe...
Carrot and Ginger Soup
October 29, 2011
This delicious pureed vegetable soup with butternut squash, carrots, and ginger can start off your meal as a healthy appetizer. Not only is it a nutritious and low fat soup with just the right touch of sweetness BUT starting a meal with soup may help to cut calories. How scrumptious is that? Mmm, Mmm, Good!
Servings: 4, Time: Prep: 10 MINS Cook: 45 MINS, Total Time: 55 MINS
Ingredients:
1/2 medium butternut squash
2 tablespoons olive oil
1 onion, diced
1 pound carrots - peeled and diced
3 cloves garlic, crushed or to taste
1 (2 inch) piece fresh ginger, peeled and thinly sliced
4 cups water
Salt and pepper to taste
1 pinch ground cinnamon
1/4 cup heavy cream (optional)
Directions:
Preheat the oven to 350 degrees F (175 degrees C). Scoop seeds out of the butternut squash half, and place cut side down onto a greased baking sheet. Bake for about 30 to 40 minutes or until softened. Allow to cool, then scoop the squash flesh out of the skin using a large spoon and set aside. Discard skin.
Heat olive oil in a large saucepan or soup pot over medium heat. Add chopped onion and garlic, and cook, stirring until onion is translucent. Pour in the water, and add squash, carrots and ginger.
Bring to a boil, and cook for at least 20 minutes, or until carrots and ginger are tender.
Puree the mixture in the blender, or using an immersion blender. Add boiling water if necessary to thin, but bear in mind this is meant to be a thick creamy soup. Return soup to the pan, and heat through then season with salt, pepper and cinnamon.
Ladle into serving bowls, and pour a thin swirl of cream over the top as a garnish if desired.
Nutritional Information: Amount Per Serving Calories: 246 | Total Fat: 12.8g | Cholesterol: 20mg
Source: allrecipes.com, by Richard Madgin.
Sponsored by:
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Health...
More Breast Cancer Diagnosed in Women with Diabetes
October 29, 2011
Women with recently diagnosed diabetes may be more likely to also get a breast cancer diagnosis than those without diabetes, suggests a new study from Canada.
It's not the first time diabetes has been linked to new cases of breast or other cancers. But the findings also hint that at least part of the reason why doctors find more breast cancer in diabetics is because they're looking harder -- and not necessarily because diabetes itself raises a woman's cancer risks.
"The relationship that we see (between diabetes and cancer), we wondered if it was something about the fact that people with diabetes go to the doctor's office more often," said Jeffrey Johnson, from the University of Alberta in Edmonton, who worked on the study. "When a new diagnosis of diabetes is made, people undergo a lot of tests and general health exams." That may include breast cancer screening with mammograms, he added.
Previous studies found that people with diabetes have a higher risk of colorectal, liver and pancreatic cancers, along with breast cancer. Researchers then suggested that certain behaviors might increase the risk of both types of diseases, including smoking, being sedentary and not eating well, and that those would explain the link.
It's also possible that changes in insulin and blood sugar levels that come with diabetes make it easier for breast tumors to grow, Johnson said. While those explanations could still be partly behind the increase in breast cancer researchers have noticed, extra doctor's visits and tests "certainly seems to contribute to some extent."
Johnson and his colleagues consulted a database including about 170,000 women in British Columbia -- half with a recent type 2 diabetes diagnoses and half without diabetes -- and tracked them for the following four to five years. During that time, about 2,400 women, or 1.4 percent, were diagnosed with breast cancer.
Women in both groups had a similar chance of getting breast cancer. However, when the researchers broke them down by age and focused on the time shortly after the diabetes diagnosis, they found that older, post-menopausal women with diabetes were slightly more likely to be diagnosed with breast cancer than diabetes-free women. Among those 55 and older, women with diabetes diagnosed in the last three months were about 30 percent more likely to also get a breast cancer diagnosis than those without diabetes. But even in these women, researchers couldn't tell for sure that the finding wasn't due to chance, according to results published in Diabetes Care.
After a few months -- when the pace of appointments and tests after a diabetes diagnosis would have slowed -- there was no difference in how often breast cancer was diagnosed in women with or without diabetes. Johnson said the finding doesn't rule out other explanations, such as common risk factors for diabetes and cancer or a hormone-driven increase in tumor growth. "I think there are so many things going on in the relationship that this is maybe only one part of it," he told Reuters Health. "We're really early on in understanding this relationship."
Dr. Christos Mantzoros, an hormone expert from Harvard Medical School in Boston, said the new findings could mean either that the higher rate of breast cancer diagnosis was due to more follow-up and screening in diabetics, or that the common roots of the diseases may lead both to develop within a short period of time. "Women with diabetes need to be more vigilant and their doctors need to be screening them for malignancies associated with diabetes including, but not limited to breast cancer," Mantzoros, who was not involved in the new study, told Reuters Health in an email.
Johnson said the main message for women is still to cut out behaviors such as smoking that increase disease risks, and to get breast cancer screening as recommended. The U.S. Preventive Services Task Force, a government-funded expert panel, calls for mammograms every other year for women between age 50 and 74.
Source: foxnews.com/health, Reuters.
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Politics...
Europe Seeks Chinese Investment in Euro Rescue
October 29, 2011
Paris -- A day after European leaders unveiled their latest plan to save the euro, top officials opened talks with China in a bid to lure tends of billions of dollars in additional cash, giving China perhaps its biggest opportunity yet to exercise financial clout in the Western world.
China is expected to demand significant concessions, including financial guarantees and limits on what Beijing sees as discriminatory trade policies, in exchange for any investment in an Europe’s emergency stability fund. The head of the rescue fund, Klaus Regling, got a cautious reply from Chinese officials Friday during a visit to Beijing, where he said he did not expect to reach an investment deal with China anytime soon.
A senior Chinese official, Vice Finance Minister Zhu Guangyao, said China -- like the rest of the world -- was still waiting for the Europeans to deliver key details on how the rescue fund, the European Financial Stability Facility, would operate and be profitable before deciding on whether to participate. That Europe would turn so openly to China to help stabilize the sovereign debt crisis shows how quickly the Chinese economic juggernaut has risen on the world stage. Indeed, China coming to Europe’s aid would signal a new international order, with China beginning to rival the role long played by the United States as the world’s pivotal financial power.
“This would be a tectonic shift,” said Pieter P. Bottelier, an expert on China who teaches at the School of Advanced International Studies at Johns Hopkins University. “It would be so important economically and politically.” Arvind Subramanian, a senior fellow at the Peterson Institute for International Economics in Washington, said this was another sign that China is already a dominant global power.
“China’s power is more imminent, broader in scope and greater in magnitude than anyone imagines,” he said. “For instance, China’s currency is already having a negative effect not just on the U.S. and Europe, but on everyone else too. And the rest of the world can’t do anything about it. If that’s not dominance, what is?”
Europe has turned to Beijing and a handful of other emerging market economies to consider investing in the fund to supplement contributions by the 17 members of the euro zone. Outside investment was presented as critical for the Europeans to create a financial firewall of up to $1.4 trillion to prevent the debt crisis that started in Greece from ravaging larger countries, including Italy and Spain.
The fear is that a failure to contain the crisis would spark contagion in global financial markets on par with the Lehman Brothers debacle, and deliver a blow not just to the economies of Europe, but to the United States and other major trading partners.
Such deterioration would certainly be bad news for China, which could hardly afford to see two of its biggest markets hobbled at the same time.
China has a $3.2 trillion nest egg in foreign reserves, by far the largest hoard of foreign currency in the world, and it needs to find places to park those reserves rather than convert it all to Chinese renminbi, a step that could set off domestic inflation and lead to sharp appreciation in the currency’s value. Europeans know that China is keen to move some of the money out of its vast pile of United States Treasury securities, and they are pushing the Continent’s crisis as a good opportunity to invest on the cheap.
Hours after European leaders unveiled their grand plan President Nicolas Sarkozy of France rang President Hu Jintao to say that Europe was still looking for some cash, and lobbied Beijing to play a “major role” in helping Europe get its house in order. Since the Europe crisis worsened two years ago, regional leaders once wary of China’s influence have rolled out the red carpet in hopes that China might be a savior for their ailing economies. China has already made deals to expand its footprint into choice Western European countries like Italy and Spain. Now, Chinese-owned companies run the biggest shipping port in Greece. They own highways and other key infrastructure, and are working to snap up other strategic businesses to anchor their presence on European soil.
But with Europe’s economy verging on its second recession in three years, Chinese officials are wary of taking too big of a risk abroad. China’s own economy is slowing, and there is growing unease about inflation and a property bubble. The income gap between the rich and the poor is widening, posing thorny challenges to the leadership in Beijing.
Chinese nationals have also been venting anger on the Internet about government investments in Europe that have turned out to be anything but profitable, including the purchase of billions of euros worth of volatile bond holdings from stricken countries like Spain and Greece. And on a per capita basis China is still much poorer than the average citizen of Spain, Greece or Italy, meaning officials in Beijing could face a popular outcry if they poured resources into rescuing European countries or banks.
“There is a lot of skepticism within the Communist Party, but also in Chinese public opinion, about China sinking money into European reserve assets,” said Jonathan Holslag, the head of research at the Brussels Institute of Contemporary China Studies.
Still, lending a helping hand to Europe could prove a golden opportunity for China to anchor its financial and political clout, and make it more of an equal among giants on the Continent, analysts say.
Although leaders have pledged not to tie political demands to financial investments, Beijing has sought to get the European Union to recognize it as a market economy under global trade rules. Without that status, it is easier for other nations to initiate trade proceedings against China. Premier Wen Jiabao recently said the European Union should accord China full market economy status.
China is also eager to persuade Europe to drop its criticism of its currency valuation policies, especially at a time when the United States Congress is weighing legislation that would allow American companies to file trade cases against China on the basis of an undervalued renminbi.
Another longstanding sore point is the arms embargo that Europe and the United States imposed on China after its bloody 1989 crackdown on protesters in Tiananmen Square. The European Union recently considered easing the ban, but the United States has steadfastly objected. More than anything, lifting the ban would signal Europe’s acceptance of China as an equal on the world stage.
It is not clear whether China would push that hard, though. As much as Europe wants the cash, Beijing knows that taking things too far could backfire. “When you look at the diplomatic agenda, most officials understand that trying to impose political conditions on financial support is not going to work, and might even be counterproductive,” said Mr. Holslag, the Brussels Institute researcher. “If they become too blunt and assertive attaching a lot of demands that might lead to a defensive if not protectionist stance in Europe.”
Moreover, Europe is China’s largest export market, so it may be in Beijing’s interest to help boost European stability, said an official close to the Chinese government’s deliberations although not directly involved in them.
If a contribution is made to the European stabilization fund, he said, it is likely to be sizable -- although smaller than those by the biggest European countries or the International Monetary Fund. What would be crucial, he said, is that Germany, France and the European Central Bank are behind the plan to expand the fund.
“We are looking at China’s pile of reserves with envy, and hope the Chinese are willing to spend something on us,” said Paul de Grauwe, an economics professor at the University of Leuven in Belgium and an adviser to the European Commission. “But they surely don’t want to throw money at this except if they get an ironclad guarantee. If that doesn’t happen, I don’t think we should count on China to help us out.”
Source: NY Times, By Keith Bradsher contributed reporting from Hong Kong.
