Bayou Renaissance Man has an excellent writeup on this here.
What you should know? The Chinese stock market just lost 2.36 trillion dollars in value.
What was the Chinese govt's response? They told their people that all is well and that they should hold onto stocks till the last penny because it was the "patriotic" thing to do. More ominously? They told their people that they should use their homes as collateral!
The Chinese people are extremely pragmatic. They're also savers. My question is that after all this turmoil in their markets.....Is the Chinese experiment with capitalism about to end badly?
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