Read MISH dated 5 May 2011. Ponzi Financing Involving Copper Trade Gone Wild in CHINA. A very interesting article.
So, Chinese is catching up with the latest innovation from the Americans. Hoarding, Financing using Copper as collateral. This is Ponzi 101. The American is far better than China in Derivatives 101.
So, what are we talking Ponzi 101, write a book on it.
There are full of "Con" out there. Big and small. From million to trillion, you name it. Why are "smart" fellas from Harvard or Oxford doing such thing? It is sad and unfortunate. I suppose we have to go back the fundamental of education. Something went wrong in between. I am not referring only to the Harvards or Cambridge, but also those who did not go to school. Something important missing in their syllabus, human virtues. Don't go to chapter 2 unless you pass this chapter. It is intangible, and not convertible into dollar or sense.
MyView
I will bet on Gary Shilling's call. The Fed had tried 12 times to tame inflation, they failed for 11 times. What is the odd for China to get right the first time. Greed allow human to innovate. Who says innovation is bad. Remember, it is not the gun that kills a person, it is the one who pull the trigger.
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