Five for the Weekend #47

If you live in the US, you're probably amazed -- but not surprised, certainly -- how our three 24-hour so-called news channels can instantly turn themselves into the E! Channel. Oh well. In the meantime here are five items for your review this weekend.

• China reiterates its call for a new world reserve currency: “Zhou Xiaochuan sees the current international financial system is flawed, putting too much emphasis on the dollar as a reserve currency,” said Kevin Lai, an economist with Daiwa Institute of Research in Hong Kong. I'm not a gold bug, but I do believe gold is the honest form of money. But Central Bankers and governments will fight it to the death.

• The Lex Column in the Financial Times points out the the King of Pop was also a King of Debt. In some ways, Michael Jackson's death reminds me of Elvis' in 1977. Both in poor health at relatively young ages, finances in poor shape, hangers-on existing like leeches on their host and abuse of pain medications. Back to Lex: "They say the rich are different, but it is the famous who are really different. The merely wealthy would have gone bankrupt long ago. Even faded stars such as Jackson can stay afloat with the promise of income from comebacks like his now-aborted concert series." The Elvis estate made a spectacular financial comeback, and look for Jackson's to do the same. R.I.P. Mr. Jackson.

• At the risk of sounding crass, while on the subject of painkillers, portfolio holding King Pharmaceuticals (KG) this week announced it expects regulators to delay sales of the first short-acting oxycodone pill designed to deter abuse. The stock fell on the news, but its only a few cents below my entry price. So I'm not in any pain...yet.

• Africa-Asia Confidential runs an in-depth profile of China's role in the power-sharing negotiations inside Zimbabwe. China's increasing bilateral trade with African countries is one of the most interesting -- and unreported, at least here in the US -- stories in our time.

• Free Money Finance, a great personal finance blog, has an interesting post on whether women should marry for money. FMF links to a WSJ.com blog post. Good link, good FMF post, and I enjoyed reading the commenters on FMF. Maybe you will, too.

Have a wonderful weekend, folks!