According to the March 19 edition of The Gartman Letter, the overpriced conservative financial rag, China’s leaders are currently poring over “Atlas Shrugged” for guidance on how to structure their economy. Apparently the Beijing crowd feels that the most populous nation on the planet is way too successful at this time and much like a rich uncle, is constantly being hit upon by poorer relatives for loans. Reaching out from her grave, the long dead Ayn Rand is providing the Chinese elite much needed information on how to best collapse an overachieving economy and bring it to its knees. What is most difficult for the Chinese to grasp is the concept of “just letting go” of rules and regulations, the way America did when Alan Greenspan, et al, began sipping from the poison chalice of Ms Rand back in the heady days of Ronald Reagan. Mr. Greenspan famously took the bait that unregulated bankers and other masters of finance would naturally maintain a firm hand on the rudder of corporate pecuniary matters. Thus, was Mr. Greenspan shocked, shocked I say, that given unfettered access to their collective id, the high flyers of Wall Street early on succumbed to unfettered greed and set about constructing their version of the Titanic, which, being made of solid gold eventually foundered and sank, taking the rest of the world’s financial markets with it. This then, is the financial model eagerly pursued by the Chinese in their quest to become insolvent beggars like their debtors in the West.
China Longs for Financial Ruin
