China Phony Panic

The Chinese stock market has crashed to a level it hasn't seen since six months ago.

Its big boom started in February, 2015. In four months it climbed by over 60% then, in two months, lost all it had gained. Like a roller-coaster, it was a wild ride that just gets you back where you started.

This doesn't mean there weren't losers. Idiots who bought stocks at the peak of the rally have received a haircut deep into their frontal lobe. There were also winners who saw the bubble forming and sold their stocks to the aforementioned idiots in May.

Over a full year (August to August) Chinese stocks are up 45%. And stop calling China "communist," what we are seeing here is unfettered feral capitalism.

But, hey, let's all panic and sell our American blue chips.