Henry Paulson demoted to US Treasury Secretary.

The new Treasury Secretary (who got his job at Goldman by deposing Jon Corzine in a backroom deal) is a great candidate. The speculation for the position was that it would be given to a crony like Don Evans, which would have been a disaster for the US$. Paulson is definitely a political creature (he worked for Nixon), but he knows China well and obviously has a ton of experience in the markets. A pleasant surprise.

[update: Bell on Paulson]