Saturday, November 21, 2009
ASIAN ASSET BUBBLE
BANZAI7 NEWS--The sparkly white glove Michael Jackson wore for his first moonwalk was the star of a rock auction Saturday, fetching an astounding $350,000, the latest indication the new Asian asset bubble.
The winning bidder counted himself lucky to be taking home the prize.
"It was a bargain - we were expecting to pay millions more," said Hoffman Ma, a Hong Kong hotel executive. "We're going to put it on display in our hotel. It will be free for everyone."
'In Asian economies, Hong Kong included, we've seen very massive inflows of funds due to very low global interest interest rates and quantitative easing,' Norman Chan, Chief Executive of the Hong Kong Monetary Authority, told an investor conference, adding that loose monetary policy risks creating asset bubbles in Asia.
There is the potential risk of an asset bubble,' Chan said. 'I'm not saying an asset bubble has already formed, but is Jackson's glove really worth $350,000?'