Sponsored Content




Intermarkets' Privacy Policy
Support





























































ę Um...The NYSE Is Shutdown Because...Um, No One Seems To Know Why | Main | San Francisco Illegal Alien Killer's Gun Belonged to... Federal Agent Ľ
July 08, 2015

Capitalism is a Chaotic System With Frequent Bubbles and Bursts So That's Why We Should Switch to a "Managed Economy" Like China

Something Tom Friedman has said a dozen times, but I wonder if he's saying that now.

China's markets lost 5.9% last night, and have lost about one third of all value the past month.

The Chinese government struggled in vain Wednesday to prevent the distress in the country's stock markets from spreading, as it openly fought market forces it has pledged to give a larger role.

Early Wednesday, the Chinese authorities rushed out another raft of emergency measures to halt what is turning into a crisis of confidence in leaders' ability to steer the economy. But before the day was over the equities selloff had spilled into offshore trading in the Chinese yuan and worsened a drop in global commodity prices.

Wednesday night, Chinaís securities regulator said controlling shareholders and executives who own more than 5% of a company's stocks arenít allowed to sell their holdings for the next six months. Any violation of the rule would be "treated seriously," the regulator said.

It didnít help that China's central bank extended funds for loans to buy shares. Nor that the agency that oversees China's oil giants and other state enterprises forbade them from selling their shareholdings.

The stocks declined over 8% before China came in to shut down the markets --and to make it illegal for many people to sell their stocks.

That should certainly stop the panic! As someone who actually has panic disorder, I know nothing cures panic like that feeling that I'm trapped and can't escape. It's like a miracle cure.

China's deliberately-created housing bubble is bursting and who knows what the world fallout will be from this.


Damn, I love authoritarian communism

Oh: While there aren't many Americans directly invested in China's markets (except, I hope, Tom Friedman), the fact that a half a trillion dollars has just been destroyed, with perhaps another full trillion coming, is going to have an impact elsewhere in the world.



digg this
posted by Ace at 12:57 PM

| Access Comments




Recent Comments
Ciampino: "458 So if you drew a ven diagram with "women too e ..."

sock_rat_eez - grateful for WWV ! [/b][/u][/i][/s]: ""Fen is home and recovering. She posted in Pixy's ..."

Duncanthrax: "Big Penguin infiltrates again. Sad! ..."

Skip : "Brian, your a bush ..."

Ciampino: "200 Posted by: banana Dream at May 26, 2022 06:22 ..."

gdgm+: "New thread - cafe. NOOD ..."

[/i][/b]andycanuck (yikp0)[/s][/u]: "Daddy?? Why does the Soylent Pink taste like fish? ..."

fluffy: "Called 'em ..."

fluffy: "Yo, Corgis! ..."

Another Anon: "ICEBERG! Dead ahead! ... Bearing right 5 degree ..."

fluffy: "Top ten ..."

Peaches: "*waves* to Bluebell! ..."

Recent Entries
Search


Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64