Quote of the Day | 0824

China is having its first fully-fledged capitalist crisis. To date its response to it has been to try to sustain the unsustainable: to transfer the bubble from housing to the stockmarket, and to keep the stockmarket rising like some production target for wheat from the bad old days before the fall of the Gang of Four. It can’t be done. At some point, the Chinese government is going to have to make the transition from generating a credit bubble to trying to contain its aftermath.

Steve Keen, ‘Is This The Great Crash Of China?’

[x]#11981 fan maandag 24 augustus 2015 @ 21:43:27