Showing posts with label China. Show all posts
Showing posts with label China. Show all posts

Wednesday, November 2, 2011

A TIME TO REMEMBER OUR HEROES!




National Post Nov 1, 2011

TORONTO — Eric Goldstaub curses, spits out a stream of naughty words and then abruptly apologizes for having uttered them. He can’t help himself, he says. It was a long time ago, a lifetime, but when he thinks back to the Vienna he once knew and all the doors that he knocked on — and all the doors that were shut in his face — his temper sparks.

“I went to every goddamn consulate there ever was in Vienna. Vienna, as the Austrian capital, had all the consulates,” the 89-year-old growls. “I wanted to get visas for my parents and for my relatives. I had 20 relatives. My family, we were 20. And I was going from one bloody consulate to the other. ”

He was a Viennese Jew, and this was his beloved Vienna in 1938, after the Austrians had welcomed Hitler and his Nazi thugs with straight-armed salutes and a campaign of Jewish persecution that would escalate into the Holocaust.

Mr. Goldstaub was a teenager from an influential Jewish family, with a trench coat, a fedora, kind-looking eyes and a talent for dancing.

His fruitless waltz around the city district housing international embassies ended when he visited the Chinese consulate and was met there by Dr. Feng Shan Ho, the Consul General.

“It was a warm reception, and he said bring your passports tomorrow and we will give you all visas,” Mr. Goldstaub says.

“I didn’t believe my eyes, my ears. It was like a miracle that he would say that and, sure enough, I went back the following day and brought all the family’s passports and he sent me away with visas for Shanghai, China.

“And I didn’t even know where the hell China was.”

Much was lost in the Holocaust including, in large part, the story of a Chinese diplomat, an Oscar Schindler of the Far East who, with a stroke of the pen rescued thousands of Jews from the death camps.

“Very few people did the right thing during the Holocaust,” says Bernie Farber, former CEO of the Canadian Jewish Congress, who is lecturing in Toronto on Wednesday about the unsung heroes of the Holocaust, for which Mr. Goldstaub will be in the audience. “If more people acted as did Feng Shan Ho, and others, it would be a different world today.”

The world in 1938 was a dangerous place, especially for Jews. Shanghai, an open port city without any diplomatic controls and with a Japanese occupying army watching over it, became a safe harbour for thousands fleeing the coming horrors in Europe.

“People usually ask me two questions about my father,” says Manli Ho, the diplomat’s daughter, from San Francisco.

“Why would some Chinese guy be saving Jews in Vienna when so many Europeans were turning their backs, and why didn’t he talk about it?”

The answer, she believes, is that helping people was the most natural thing for her father to do. And since it was, he never spoke about it after the fact.

Dr. Ho devoted one sentence of a 700-page Chinese language memoir he published in 1990 to the Viennese visa scheme. What he omitted is a Hollywood blockbuster that has never been made.

For two years, he issued visas. Five hundred a month on average, despite being ordered to stop by his superiors and being evicted from the building housing his office by the Germans. Dr. Ho opened a new office, and paid for it out of his own pocket when his Chinese boss in Berlin shut off the money tap. He kept issuing visas until he was transferred out of Austria in 1940. He died in California in 1997, having never met the people he helped save, beyond a fleeting, life-giving encounter in Vienna.

..Mr. Goldstaub was among the lucky ones. He got out with his family and, after 12 years in Shanghai, a time he remembers as a “great adventure” of youth, he moved to Canada and began importing classic clocks and barometers.

“My company is called Ergo Industries — Ergo — for Eric Goldstaub,” says the proprietor, plunking a business card in my palm.

Mr. Goldstaub is honorary president. It is a title he takes seriously, spending most mornings at an office in suburban Toronto reading newspapers, drinking tea and kibitzing with the employees, including his son, Danny, who runs the place.

The old man is turning 90 in a few weeks. On a rare morning at home, in a spacious apartment, surrounded by ticking clocks and trinkets from China and photos of his grandchildren, Mr. Goldstaub smiles. He says that he has lived a good life, one full of richness and luck.

“If I never knocked on that door in Vienna I would have been in a concentration camp,” he says. “And I would have died, I am almost sure of that. Our whole family would have died.

“We needed Feng Shan Ho. He saved us. It was a miracle.”

National Post



Monday, August 30, 2010

AVOIDING A HOT MESS

Emerging markets are on fire
Bloomberg News · Friday, Aug. 20, 2010

The global economy is like fried ice cream: If you don't act fast, it turns into a mess.

American pundits, Nobel laureates included, are predicting Japan-style deflation for the United States and Europe. They are urging the Federal Reserve to pursue another round of quantitative easing to stop the onset of an Ice Age for Western economies. The Fed didn't oblige at its last meeting, but it threw a bone to the deflation crowd by promising not to pull money out of its previous round of asset purchases to stimulate a recovery.

On the other side of the world, consumer prices are surging. Emerging markets as a whole now have an inflation rate of more than 5%. India is registering price increases of more than 13%. China's are more than 3%.

Much of the "heat" comes from the property market in emerging markets. Milliondollar flats in Mumbai have panoramic views of the city's slums. Hong Kong's real-estate prices have almost reclaimed their 1997 peak. Overpaid bankers who pay 15% income tax in Hong Kong are stretched to buy Beijing or Shanghai properties.

The emerging markets are on fire.

Deflation prophets in the West are in for a rude awakening. Eastern fire will turn Western ice into a mess, and 2012 looks like it will be the year of melting. The fuel for the fire is coming from deflation-fighting stimulus programs, such as that of U.S. President Barack Obama.

Stimulus is prescribed as a panacea for recession. In to-day's global economy, it isn't effective in the best of circumstances and is outright wrong for what ails the West now.

Trade and foreign direct investment total half of global gross domestic product. Multinational corporations drive both. They shop around the world for the lowest-cost production centres and ship goods to wherever the demand is. Demand and supply are dislocated. So when a government introduces stimulus, the initial increase in demand doesn't necessarily boost local supply. More importantly, if multinationals decide to invest somewhere else, there wouldn't be an increase in jobs to sustain the growth in demand beyond the stimulus.

Just as water flows down, stimulus affects low-cost economies more, wherever it is initiated. As the West pours money into the global economy through large fiscal deficits or central banks expanding balance sheets, the emerging economies are drowning in excess liquidity. Everything is turning red-hot.

How will this all end? The most likely scenario is that the West will have to stop stimulus programs when inflation spreads to it from the emerging economies.

The most immediate channel is through rising commodity prices. It's a tax on the West to benefit emerging economies that produce raw materials.

That's the irony: The stimulus in the West can immediately bring harm to itself. It's also the magic of globalization.