China’s “Decade of Tears” Isn’t Over

by Chris Campbell
Laissez Faire Books

“Played with stock market,” the sign hanging from an alpaca named Big White reads, “and failed — selling mythical animal.”

[…] Last summer, you’ll recall, the Chinese stock market took the plunge, suffering its worst crash since 2008.

This caused Asia’s three richest men to lose a combined $5.6 billion, sent one man into the streets to sell his alpaca, and drove one Shanghai businesswoman to tell the National People’s Congress: “The ten years of stock market development since 2007 is a decade of tears for Chinese investors.”

And to make matters worse for the Chinese, China’s central bank had no freakin’ clue what it was doing.

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