博文
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标签：杂谈 |
RMB to become a global currency?
News had it that RMB is to become the global currency, with
all the likelihood that it would replace the USD in the near
future. Is this possible?
China is certainly motivated to depend less on the dollar.
Sitting on a pile of the US currency, China is anxious to have the
Fed behave in a responsible manner. The recent spike in the yield
of long-term Treasury bonds kept China's central bankers awake at
night. Depreciation of the green buck would mean all the
hard-earned savings would be eroded by inflation. Nothing would
suit China better than have the savings measured on its
terms.
Currency serves three purposes: as unit of measure, as medium
of exchange and store of value. And the significance of a currency
depends on the strength of the economy it represents. No wonder US
dollar dominated the world. Now times have changed. The US economy
has been hit hard
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标签：杂谈 |
Green Dam and HKU's mainland recruitment interview
The Green Dam saga has also entered University of Hong Kong's
(HKU) recruitment interview question list. The question list
challenges the mainland candidate to jump out of their mental box
and also demonstrates how Hong Kong's tertiary education values
individual thinking and creativity.
In June, potential mainland candidates were invited by HKU's
recruitment teachers to attend interviews, during which they were
asked to expressed their views on subjects ranging from Michael
Jackson to Green Dam. Some were apparently caught off guard.
Michael Jackson's passing was indeed a hit but his personality and
influence was less illuminated than his songs among the young. Also
less discussed is the news that the Green Dam is going to be
installed on all new PCs shipped after July 1.
As I was among the first few who went to study at a Hong Kong
unive
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标签：杂谈 |
Green Dam Youth Escort
In early June, 2009, Beijing ordered all personal computer
(PC) makers to install a filtering software by July 1. The deadline
was almost missed by all. Facing criticism from both domestic
netizens and foreign PC makers, Beijing decided to postpone the
deadline to an unspecified date.
The software, called Green Dam Youth Escort (Green Dam), has
already been widely installed on PCs in internet bars and other
public places. The initiative was well-intended: it intends to
protect the young from harmful sites that contain pornography. But
the mandate to install it on all PCs was surprising.
Domestic netizens voiced their discontent over chartrooms and
BBS's. Some have found security defects in the software that might
potentially invite hackers. Some have cracked the software and
decoded the list of websites and sensitive words that the software
is designed to filter, whi
It seems that not all of the problems had an origin in
monetary policy. Look at General Motors, which is mired in
over-promising labor welfare and is on the verge of bankruptcy.
What a mess!
But paying off its souring obligations with printed money is
what the US Fed is doing. If money flows more than the goods and
services they represent, money gets cheap. And obligations are no
more than a promise to future goods and services. Now that the
extra money cancels the promise, the net effect is that the money
remains and that a bit of good or service disappears. Yes, that's
where inflation creeps in.
But central banks worldwide have a case for printing money.
The problem got out of hand because consumers and businesses
borrowed too much. They leveraged themselves up too much such that
they could not meet their obligations facing the slightest of
turbulences. As one with a bit of financial sense would know,
leveraging up
今天参加了CFA一级考试。之前没怎么复习，很多题目都是面熟而答案模棱两可。所以很多事后使用了排除法来选择答案，不算偷鸡吧。虽然之前做过经济金融类的讲师，教过相关的课程，但考试的时候还是有一些捉襟现肘。对一些知识点没有切身的体会，这是一个弱点。很多知识，在大脑中暂住过，然后走了，就像萍水相逢的路人，而非一个朋友。熟悉的知识点，就像一位老友，方方面面都清楚，都了解，不仅了解过去，也能预测其发展状况。知识点，也像人一样，需要全方位了解，把它放在一个相关的背景中，有一段故事，有一个教训，才能使其立体化。就像通过此次金融危机，大家多多少少都对信用违约掉期（CDS）有所认识一样。知识是朋友，朋友也是知识，不是吗？
今天也是高考的第一天，同时也是我参加高考的10周年。当年的考试整得我身心疲惫，此次考试心态还不错，说明终于从高考的阴影中走了出来，虽然时间有点长。这也说明高考摧残之深。高考后5年内的噩梦主题都是围绕高考展开，除去那些看恐怖片的晚上。此次考试在体育馆举行，现场有近1000人，场面恢宏。还好，我还能在考前1小时内小睡。心理这关终于过了。然而生理上而言，却背疼、脖子疼、颈部疼。考试折磨仍然在，只
Everybody seems to know that credit default
swap (CDS) is one of the culprits of the financial crisis of late.
It is also known that CDS works like an insurance against someone's
default and it trades in the notional amount of $60 trillion
without regulation. The US government is talking about bring CDS to
exchanges to have it monitored. But questions remain: What is a
CDS? Why do we need a CDS? How does it work? What problem does it
cause? How did it trigger the crisis? Why need it be regulated and
how?
Will a lesson be learnt from
the follies of minibond and
accumulator?
Financial Times carries an
excellent article on the root of the current financial crisis. The
whole thing evolved around a mathematical formula called Gaussian
Copula. The formula was invented by a Chinese called Li Xiang Lin
and is at the heart of modern quantitative financial models. Based
on the formula, the financial industry has been able to calculate
the correlateness of assets. The price of an asset price is
determined once the probability of default of that asset is derived
from calculation. That way, financial institutions have been able
to package and sell assets, thereby trimming down their balance
sheets to build capacity for more businesses. The asset packaging
and selling take the forms of familiar names such as asset backed
securities (ABS) and collateralised debt obligations (CDO) and many
variations of them. The assets that are
Chinese wisdom has it that times of extreme will be followed by
periods of bust (物极必反). The seeds of past decade's prosperity and
current bust were sewn at the time when Ronald Reagan and Margret
Thatcher cracked the Cold War, loosened state intervention, and
embarked on an era of economic liberalism two decades ago. Looking
forward historians could possibly mark the year 2008 as the end of
that era.
Modern finance is the product of economic liberalism, coupled
with advances in information technology (arguably accidentally
developed by technocrats who saw themselves made redundant by the
collapse of Berlin Wall). With financial walls fallen, the global
financial market gets wired up with clearing houses and settlement
services functioning as blood vessels, sending money to harvest
high returns propping up from corners of the world. With trade
barriers bulldozed, investments are taken from parties with surplus
reserves and loans made to those with promis
1，职业是长跑，速度不是最重要，方向最重要，坚持很重要，要与自己比较，看问题角度要高一点。
2，矛盾是固有的，应积极应对之，主动承认错误并改正之，少追究，少找借口，别人指出自己的错误是在帮自己，对别人的错误宽容之，避免吵架，积极运用不同沟通方式尝试沟通，通过面谈，通过上级渠道等。
3，时间管理以及多任务处境需要很好的给下属自主权，授权之并辅导之，克服事必躬亲，勇于承担下属犯错的风险，关键之处把关，同时把握因人而异。
4，一定要有想法，但也应认识到不一定会实现。需要充分了解社会，同时自己需要建立信心，要敬业，在平凡的事情中做出不平凡，逐步认识和实现自我价值。
5，第一份工作想法单纯一点会比较好，把第一份工作当做进入社会的渠道，积极学习基本的职业生涯技巧，工作本身的内容不应成为关键。
6，需要对工作行业有充分的认知，同时对自己加以必要的包装，要注意主动权在自己，动力也在自己。
