It is an idea that is popular in at least 4 states.
The bloom has come off Piketty’s socialist rose that’s for sure. Once the free marketeers peered into the French economist’s book, the arguments, particularly the central one, that capital snowballs forever with the rich forever getting richer, has fallen apart under scrutiny.
The bankers truly, deeply fear Bitcoin. Again, I say this not as an advocate. I prefer the old gold and silver. But I love, I mean love that Bitcoin is tying the establishment in knots. It is super fun to watch. Read, please read, the attached article as the author waxes on and on about how only white males like Bitcoin anyway so it should be taken down.
Now if one is a is moving billions through HSBC for drug cartels the government says it’s too difficult to prosecute. A local grocery store which has done absolutely nothing wrong? Much easier to take from.
China is coming to grips with economic reality increasingly. The numbers coming out of the PRC, long suspect, are now widely regarded as being very optimistic. China may be going through its first recession in 30 years, but we don’t know because the data is dung.
And you thought we had the fattest banking cats. Not so.
This is one weird situation. It should be pointed out that Goldman now has alums in nearly every nook and cranny of high level banking. So don’t expect this rent seeking behavior to be curtailed anytime soon.
China is slowing, and probably pretty quickly. The banking sector is in real trouble. It is possible that the real estate correction now underway will be far worse than the one we recently saw in the United States and in other parts of the West.
A great essay on why central banking creates the boom and bust cycle by Tom Woods, a favorite around here, and a friend of Against Crony Capitalism.
China, as we have written for quite a while (along with many others) is in serious trouble. Underpinning the “Chinese Dream” is piles and piles and piles of (likely bad) debt.