Join institutional investors, analysts and strategists from the world's largest banks: Subscribe today
Already have an account? log in
Yes, China Is Staring At A Recession
Earlier this week, one reader parroted a familiar refrain: China isn't headed for a recession because the Chinese economy is going to grow this year by about 5%.
Let me clarify a few things. First, a "recession" in the Chinese context doesn't necessarily have to mean an economic contraction. A "recession with Chinese characteristics" (if you will) could be a prolonged period of what, for China, would count as very subdued growth courtesy of ongoing drag from the property sector, moribund consum
In unfree countries there is really no hope, just luck, and most of it bad.
As Heinlein observed:
“Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.
This is known as ‘bad luck.'”
Ah yes, from the 4 pivotal books of the New Testament: Matthew, Mark, Luke, and John Stewart Mill. Much better than the Old Testament tale of how Adam & Eve Smith ate the fruit of the Tree of Markets.