China’s announcement this morning is just plain NOT good news. China is in the middle of record defaults…it is in the middle of a clear recession and reducing reserve requirements is just plain not bullish. Who does China think they are JP MOREgan or Bank of Merrill Lynch Countrywide in America. Just what we need now in China, even more loans people can not repay. In china people commit suicide over their inability to repay loans because they have no bankruptcy statues there and the consequences for not paying your obligations are so high. The only answer I can come up with regarding the Chinese action is that they are on drugs…and they must be in a panic not to mention a heap of trouble.
People apparnetly just don’t want to pay the piper…they want to offer the piper more money than they can afford to pay him.
I have never seen such bad excuses for people to be optimistic. This is certainly absolutely not a reason to be optimistic…its one to be pessimistic. China’s policy action is a prime example of the lure money amplification and failure of modern financial engineering...this changes nothing other than the magnitude of the drop in the markets to come and demonsrates the sheer panic with in leadership.
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