SHORING UP THE SHANGHAI & GANGING UP ON GREECE: A WORLD FULL OF GOOD MEN DOING NOTHING

The Slog.

Tell me: is there a decent hero on the planet?

Market control in a supposedly neoliberal world, fortunate glitches in a nervous Stock market, and bullying hypocrisy from the squandered marbles army. There is little or nothing worth saving in any of it.

The Shanghai index’s collapse was ‘stemmed’ during Asian trading earlier today. Much relief all round, but there are two reasons not to be joyful about it: first, the market is still around 55% higher than it was a year ago, when the property market collapse pulled novices into stocks…so logic would suggest it has further to fall; and second, it is not market sentiment that has stopped the rot, but more draconian Beijing regulation. 50% of all China stocks are now suspended, and yesterday the government ordered a blanket ban on anyone with more than 5% of a company’s stocks from selling for the next six months.

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