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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.

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posted by Ace at 12:57 PM

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