Debt Rattle March 9 2016
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DPC Sternwheeler Falls City, the levee, Vicksburg, Mississippi 1900 • The New Danger From Derivatives (BBG) • The China Intervention Trade Is Back as
[See the full post at: Debt Rattle March 9 2016]One of the problems with “understanding” China is that the place is so vast, diverse, and opaque that 100% of statements about it are true- somewhere, some of the time.
They have the longest written continuous history of any culture, however, and there are patterns China scholars, internal and external, have identified. Relevant right here is – corruption. China has attempted literally hundreds of times, sincerely, to limit, even eradicate corruption- and they have never succeeded; and they know it. It now has the force of religion; corruption will grow until the government becomes entirely powerless, at which point the people always rebel and burn the country to the ground- killing all the elites they can get their hands on.
They call it the Dynastic Cycle, and their belief in it makes it a self-fulfiling prophecy. Part of what is going on in their new excursion into capitalism is the belief “Look, there’s no way to really stop people from manipulating the process to steal money- we’d better just grab all we can now too, if we (family/clan) want to survive the next collapse.” They’ve been playing the game of “Steal from the Poor, Give to the Rich” for as many millennia as we can see. And for 1,000 years before Han Wudi, at least, keeping foreigners guessing about what is really going on has been an integral part of it. They know how.
Not any different from London, Brussels, or New York, actually.
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