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A highway construction project in progress in Fredericksburg, Virginia, US, on April 2. President Joe Biden’s infrastructure package seeks to upgrade and maintain the nation’s highway systems. Photo: EPA-EFE
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Anthony Rowley is a veteran journalist specialising in Asian economic and financial affairs. He was formerly Business Editor and International Finance Editor of the Hong Kong-based Far Eastern Economic Review and worked earlier on The Times newspaper in London
Climate debate must confront the burning coal issues or risk catastrophic failure scmp.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from scmp.com Daily Mail and Mail on Sunday newspapers.
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US President Joe Biden listens during a virtual meeting with Mexican President Andres Manuel Lopez Obrador on March 1. Photo: Bloomberg
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Anthony Rowley is a veteran journalist specialising in Asian economic and financial affairs. He was formerly Business Editor and International Finance Editor of the Hong Kong-based Far Eastern Economic Review and worked earlier on The Times newspaper in London
Stock markets may soon need to seek refuge in survival securities scmp.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from scmp.com Daily Mail and Mail on Sunday newspapers.
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A picture of a money tree outside a currency exchange shop in Bangalore, India, in 2013. Photo: AP
There was once a magic money tree that bloomed in never-never land. It bore fruit of golden apples and silver pears all year round. No one wanted for money as they could pluck gold and silver from the tree whenever they wished while the bank of never-never land tended the tree carefully.
But, in time, the tree bore more apples and pears (“funny money”) than the supply of goods, and prices began to rise. The people of never-never land had, by that time, lost all sense of the value of money and the monetary system began to collapse.