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Peak Desperation: China Bans Selling Of Stocks By Pension Funds
What do you do when two policy rate cuts, $19 billion in committed support from a hastily contrived broker consortium, and a promise of central bank funding for the expansion of margin lending all fail to quell extreme volatility in a collapsing equity market?
Well, you can simply ban selling, which is apparently the next step for China.
According to Caijing, the country's national social security fund is now forbidden from selling (but is welcome to buy). Here's more, via Caijing (Google translated):
Social Security informed the public fund social security portfolio not only buy sell stock
"Financial" reporter learned that the Social Security Council on Monday (July 6) Call each raised funds, social security portfolio is not allowed to sell their holdings of stock.
Sources said that Social Security Council has just informed all social security portfolio can only buy stocks can not sell the stock; and it is not defined as the net selling, but completely unable to sell the stock.
And a bit more from FT:
Financial magazine Caijing reported on Monday that the National Social Security Fund had told its external fund managers they could buy stocks but were not permitted to sell them.
Central Huijin, a unit of China’s sovereign wealth fund, also said on Sunday it was supporting the market by buying blue-chip exchange traded funds.
As mentioned above, and as discussed at length over the weekend (here and here), China is scrambling to counter an unwind in the country's various unofficial margin lending channels which have combined to pump between CNY500 billion and CNY1 trillion in borrowed funds into the country's previously red-hot equity market.
The pension selling ban comes just days after China moved to curtail margin calls in a similary ridiculous attempt to stop the bleeding by simply making selling against the rules.
For their part, Moody's says the "lack of compulsory liquidiation" in margin accounts is probably a very dangerous idea:
Lack of compulsory liquidation rules in unmet margin call is credit negative for securities cos. because it weakens controls against losses, allows industry to increase risk.
Moody’s expects some cos. to aggressively incentivize clients to buy stocks on margin and allow value of collateral to fall below safe level to avoid damaging customer relationships, putting themselves in riskier position.
New rules [in China] appear to be attempt to stabilize market, [but] less discipline around liquidating positions and risk taking with securities cos. underwriting leveraged positions will sow seeds for greater market peril.
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Best to ban all selling of stocks for a few years.
Let's ban Central Planning while we are at it.....
Talk about central planning, if the CB's buy all the stawlks in the world, then the politicians confiscate the CB's (just cut the bankers out of the middle) and Viola!
Everything is Socialized in the Name of the People
Progressive Heaven on Earth
I just don’t see the long game central planning of China wiping the floor with the US in the upcoming monetary shift. Central planning is central planning in my book.
Yah, ultimately both systems are f-ed. Oddly, it seems like China may be headed for the storm earlier than we are.
Too many people in the alternative media cheerleading for China/Russia... reminds teh we of when the Euro was big news 15 years ago. Just another pile of statist shit. We need decentralization now!
But levered up housewifes and farmer turned traders with soon to be margin calls can still sell right?
I wouldnt want to be relying on my pension funds.
Next up is EXECUTION for anybody who sells stocks in ANY accounts, if you buy stocks, you get 1 more share for every 10 you buy. AND FREE COMMISSION on BUYS only!
What's a Chinese pension pay out per month anyway?
$500 at the most?
China ain't saving anyone, and when the world's largest hedge fund, the Fed, get's crushed under its own leverage, all falls down.
Buy silver.
No selling? Hey - that's not a free market.
That's almost as cowardly as declaring a ban on shorting to reverse a well-deserved, say... tanking of all financial stock. The U.S. in 2008. Europe in 2011. Spain a couple of years ago. Oddly enough, the ban only seemed to curb the decline in the U.S. markets, nowhere else.
All in all, I would say I would rather have China's approach of the pension funds restricted from selling than the corrupt U.S. market's crony-inspired short bans on financial stocks.
"Fuck capital gains. Should've invested for dividend yield instead!"
"Dividend yield? What's that?"
But can you still borrow money and use the shares as collateral?
"Yes, I want to borrow a billion Yuan at zero% interest and make no repayments. Everyone assures me that these shares are worth 2 billion Yuan, so you'll still double your money!"
Hmmmmm, let me see now:
"The company announced today that certain privileged share holders can now purchase special shares for free. These special shares give share-holders rights to zero percent of the company's dividend pay-outs, are always worth nothing, except that they instantly pay out a one-off dividend of 100% of the current share price."
Something like that. That'll work, won't it? (... if your name is "Jamie" or "Lloyd" or the Chinese equivalent of ...)
Hey Soul Glow I was told that it starts at around 2000-2500 CNY a month so 400 bucks USD or so....and works as high as 8k CNY though it has been increased every year.
Yeah, something along the lines of Jos Banks clothier store marketing strategy. Buy 1 stock get 3 shares free. Only 1 month left on sale.
But, but, how do you maintain the 'skim' and the people that are on the dole to the skim?
They (CBs, .gov, .fed, everybody) knows there is a problem. But to acknowledge the problem is to collapse the entire system. The only way to live is to not look at or acknowledge the problem until the bitter end. It is basic human nature for pathological liars (aka people that are on the skim).
Except that China has the industrial output and a trade imbalance in their favor to help them recover quickly.
They may dip, but will recover.
On the other hand, the U.S. has comparatively little on the horizon to aid in a recovery.
If the U.S. deregulated to 1960's levels tomorrow, it would re-surpass China in a year. There's simply too much innovation in the U.S. for China to overcome. The main problem in the states has little to do with financialization, it's all fiscal mistakes, all state and federal regulatory mistakes. Economies do not go to centrally-planned in a single vote. They go that path over time, one new regulation (for your protection) at a time.
Yea well you just wait till real war breaks out and we put all these hungry line workers and drunk UAW back to work building Skittle bombs and Lego tanks, we'll see who's laughing then!
Hell, for starters I know a negro that created 12 million new jobs in 5 years
China's industrial output only works if there are buyers. That group is shrinking by the minute.
The Chinese are going to get out, and save even more, even if it's under their mattress. They're not afraid of their banks yet.
But everyone else is, if they're smart.
Perhaps the real; problem is this... http://www.eutimes.net/2015/07/china-warns-russia-that-state-of-war-now-...
"Nobody move nobody get hurt"
well, the problem is that China and BRICS still dont have the alternative economic system build. So what is China to do, allow it all to crash before they have their own non-Western system in place? That would not make any sense. They need to keep this system going, until they can switch to the other (gold-backed, oil-backed and based on real building of Silk Roads, railways etc.). Chinas problem also was that it was still very much dependent on export - and since the USA and EU started to slow donw, buy less and less things, Chinese economy has been slowing down as well, very logically. Unfortunately, Chinas answer to this was more debt, rate cuts etc. But I think they were somewhat pushed into this by being so dependent on the USA and the West. They need to be more independent, base their economy more on their consumer base, but this is all very easy said and very difficult to do. Even so, China still has much more healthy fundamentals than the USA: gold and gold mines, properties all around the world etc. They still have much more collateral for their debts than the USA can ever have. Perhaps if they really start crashing, they should make that gold fix, increase the price of gold - thereby of their gold reserves. But it is not easy either, they just seem to be afraid to switch to something else so abruptuly, although they DO plan to do it. Russia seems to be much more eager to collapse the Western system and just get rid of it and Putin keeps pushing China to do it, but the Chinese have been much slower in this and more careful - perhaps they should have had more courage. You can see it now, when Russia has the BRICS presidency, how they push for changes much more than other BRICS, who still seem to be afraid. Well, we'll see. I would still bet on Russia though, because they seem to be the only country, who is really preparing for the worst (the collapse of everything). I dont see any other country doing this:-)
China and central planning:
Yes Capt'n, with human beings, you always get what you always got. The system is just the wrapper on the same old sh!t sandwich. It doesn't matter what they call the system, eventually it ends up with everyone owned by relatively few people.
Bwahahah.... If you ban the selling of stock, how exactly is anyone going to feel good about BUYING it? The entire purpose of purchasing an asset is to either extract value from it (land/resources/tools), or to sell it later for an increase in relative value. If your market is driven by price changes, and not dividends, and you ban the selling of stock, they just why the hell would anyone buy stock?
All this ban will do is force those banned from selling into other asset classes, which can only further erode the value of the index. Peak desperation indeed.
If you ban the selling of stocks, who can you buy from if you decided that you wanted to? this is gonna be interesting to watch.
price is now irrelevant ----and value is at ZERO---lol China gov't is not only broke economically and morally but also intellectually.
welcome to a preview of the bonehead future of the ussa market...
mark it 8 dude.
It is selling by Mutual Funds they are banning. Feel comfy?
This allows all non-institutional equities owners the option of selling first, before the herd even has a chance.
China as done VERY WELL at studying the operational methods of the western elites. I give them an A+ and a fake chinese made diploma 'Summa Cum Laude', too, with a latte on the way to robbing their citizens.
The history of the Chinese. Not always the most creative group, but they'll refine it to infinity.
OTOH, sure skips a lot of R&D investment.
Details, details....
I guess when you supervise the runup you expect to manage the downturn.
Tip-toeing to the exits is strongly encouraged.
I know... you can't book gains either until you _sell it_ ... silly Chinese, trix are for kids
Pity you figured that out. Enjoy the nailgun.
Good news, fund manager comrades!
The benevolent Central Committee has reduced your stock-selling quota to zero!
Life is better every day in the people's republic.
Socialista Solution, Inc's suggestion: You MUST buy stocks or be Fined.
War is Peace, etc.
What horseshit becomes us?
Now I know why the Incas cut people's hearts out.
They didn't buy stocks
You must buy stocks that you may never sell with the money confiscated from your bank accounts. Then get on line for toilet paper and saw dust loafs.
I think that the Incas cut out the hearts of anyone who recommended forming banks or loaning money. Thats why TPTB hunted them down and destroyed their civilization from all the way across the Atlantic.
Well, its one possibility...
While stealing all their gold and destroying their countries.
Did Cortez and Pizarro establish Central Banks?
This post needs a sound track:
https://www.youtube.com/watch?v=ys207WMzBB4
But, but...that's racist! /sarc
Call it the Affordable Retirement Act. Everyone must buy $10,000 worth of stawks each year. Forty million Murcanz don't have a retirement account. The IRS will let you know which stawks you must buy. The new law will be constitutional under the commerce clause.
I'm pretty sure it was the Aztecs that cut people's hearts out for not buying stocks. The Incas and the Mayas saved that for REAL transgressions, like advocating free markets or speaking out against central banks.
How about no free cash, all free funds must be fully invested in stocks and they are only sold when a purcahse for goods is made.
China should know better than to mix socialist central planning ideas with a "free" stock market, you can't suck and blow at the same time.
The MyRA program is designed to help with this. Instead of having to go through the hassle of setting up your etirement and managing it, Certified Government Investment Specialists (CGIS) will do all the hard work for you and even link to your bank account automatically to allocate your investments weekly! No more difficult charts to look at, no more stock jargon or difficult choices picking stocks! While the program was created with Treasuries in mind, recent executive orders have opened the door to fully diversified accounts including some of the finest equities such as SHAK, BABA, PCLN, and NFLX! You do not need to do a single thing. Your retirement account will be set up on Monday morning automatically. Again, you do not need to do anything! Please include an address for your complimentary Spiderman towel.
End all pretenses and just sell stock in governments.
So if selling is not allowed, these funds have no incentive to buy. This might backfire quite dramatically.
Peak FRAUD. Everything we need to know about the REAL China, has been shown in the last few weeks. And not to mention their ghost cities.
They are NO better or different than the Fed. And they get to buy Commodities (PM, Cu, Energy) at crushing prices.
These scammers are to back their fiat with Gold? Anyone who claims this, is totally gullible and retarded, or hoping we are.
Agree. It was not that long ago that the gold they claimed they were buying and storing was not where, nor in the amounts it was supposed to be...http://www.ft.com/cms/s/0/a5361796-fd20-11e3-8ca9-00144feab7de.html
I'm pretty sure that for every ton of gold purchase they have an accompanying 1000 ton tungsten order.
The Chinese Stock Market
You can check out anytime you like......but you can never leave.
and blame short sellers for the mispricing of assets. Conveniently forget that the short sellers are taking unlimited upside risk .
This is why we need a 3rd term for Obama. He will save us all
...and they want to be in control of the world's reserve currency. LMFAO!!!
As if the Fed and its minions do not manipulate every market.
Fraud, that is what drives markets today in the fair and free West.
Paul Craig Roberts Rages "Free Financial Markets Are A Hoax"There are no free financial markets in America, or for that matter anywhere in the Western word, and few, if any, free markets of any other kind. The financial markets are rigged by the big banks, the Federal Reserve, and the Treasury in the interests of the profits of the few big banks and the dollar’s exchange value, which is the basis of US power.
http://www.zerohedge.com/news/2015-05-28/paul-craig-roberts-rages-free-f...
I have been read Mr. Craig's work since 1980, so I guess I can file your post under "no shit Sherlock". Pull the fucking trigger already.
I wish I had. I haven't lost much, but I could have done more for others.
I've seen drunbk guys at the blackjack table use similar "leave my chips in the center until I either go broke or I break the casino." I've never seen the casino go broke with that strategy.
Yeah, this'll work out well. It must be nice to be masters of the universe.....
It's good to be the king
https://www.youtube.com/watch?v=StJS51d1Fzg
And YES It Was Forecast .... Watch Closely!
https://www.youtube.com/watch?v=Wtr-tbnOZUg
I have seen this recording before.
The banks and associated hedge funds AND government insiders sell their stocks, even go massively short and the price goes down. The government lifts the ban, and then the retirement funds sell to the banks, et. al. at the now lower price.
All of the insiders and banks win and retirees lose.
Anyone want to bet that they got their advice from bankers?
Does that include buying Put options?
Can I ask that question without being arrested?
Cluster fuck
i agree.
PS thanks for double double post
Cluster fuck
Cluster fuck
Cluster fuck
more of a fuster cluck really.
Ah, I see the inflationary pressures reflected in your decreasing upvotes.
Excellent demonstration!
Fuck fake equity markets...
this is how sheep feel in the slaughterhouse right before they get blugeoneed. Just keep moving forward everything will be fine.
Ancient Chinese wisdom. If you're gonna blow a bubble, might as well make it a big one!
Greece is kind of interesting. It's like an entree. But I'm really holding out for the main course, a larger economy to fail. I'm excited about the U.S. 4.5 trillion on the FED balance sheet, FED rate at 0-0.25%, the end of a bull bond market, over valued stock market, the end of USD hegemony. To be honest, I can't fucking wait. China's central bank is fighting the market too. Fuck there is some money to be made if you have the connect. So many idiots in the world.
If I throw someone a book on corruption, politics, money, banking, etc, and they don't read it and promptly go back to their comfortable little television induced bubble reality of illusion, 'should' I really care when they inevitably get thrown in the plastic crusher?
How about I write and scream and protest and plead and nobody gives a fuck? If people prefer ignorance, apathy, despondence, indifference, normalcy bias and cognitive dissonance, mental lethargy, logical fallacies, then they can have it.
Brilliant idea! Wait...what?
HA- And they want a free-floating currency.....
HAHAHHAHAHHA
They just set back their timeline for a fully intigrated currency and global domination by a century or so....
The USD peg is here to stay for our lifetimes anyway!
This makes perfect sense. No one can afford to satisfy any obligations to anyone, so lock everything up, fix the value by devine central bank fiat, either through law or through manipulated markets.
The interesting question for me is do the Bankers jump or get pushed off first?
after seeing shit like this I am glad our market is where it is. There are plenty of shorts out there even at all time highs. Just look at the shale stocks, look at gold miners, look at tech shit like SNDK, STX, WDC, TWTR..... SOOOO MANY shorts out there.
did the mother fuckers in central planning really think the daily vertical ramp in stocks was sustainable?
You can tell by the way the last quote was written that the authorial intent is to recall it sometime in the future; it shows the author is completely confident with what they have written.
Chinese markets crashing 20% does not matter. Banning selling and encouraging buying with massive leverage certainly seems prudent, especially with a Greek default as a backdrop. Debt and leverage everywhere, I'm shocked the DOW isn't at an ATH!
Central banks are definitely the way to go I think. The FED, PBOC, and the BOJ are my favorites.
LOL, what a joke this has become. "it is not defined as the net selling, but completely unable to sell the stock."
No one is allowed to say the word "sell". It's now called "Reverse Buying".
and here we cannot fight the FED/ECB and the stock market is closed in Greece
What are your assets worth when you can't sell them?
same as always. why should price change?
They may be worth collateral for bank loans if God so instructs banks to accept them.
But that'll be at 17% interest rates, of course.
So does that mean that VOLUME goes to ZERO?
Funny, no talks about banning the purchase of stocks when stocks are shooting up like a bat out of hell in an uncontrollable way... Where is all the concern about stabalizing their market then?
Thank God for "free" markets.
If you cannot sell; you will not buy....unless the boss tells you to.
Why would they do this? A correction is a healthy thing, required. Are they afraid that if the stock market crashes the economy dies? There are worse things than merely the end of everything.
All your selling are belong to us.
dup
This seems consonant with central banks everywhere in the 21st century; steal from tomorrow to pay for today.
I'm waiting for holders of pension funds to be condemned as anti-social capitalist roaders.
I would not be in the least bit surprised that the words "DO NOT SELL" have been whispered into the ears of the players at Fidelity, T Rowe, AmFunds, Vanguard and all of the major mutual fund complexes.
At the minimum, if you sell, buy something else. Sell and go to cash strictly forbidden.
Its for the children.
I'm going to take the opposite view, and say it seems vowel with central banks...
"And...No Swaps. It's outgoing, only, today."
Excellent!!!! I guess its time to unleg all LONG EQUITY HEDGES on Shenzhen....How does one say unintended consequences in Chinese?
Sum Ting Wong?
FREE MARKET ECONOMICS
China style.
Take a hint people.
Pet food, dry wall, stock market.
Wow!
You would think that with the Chinese Stock Market (State Capitalist bastards that they are),
and with what's going on in Greece and the Euro,
and the US debt 'stuck' at $18 Trillion dollars,
and JPM cornering the commodity derivative markets,
and Citigroup cornering the metals derivative markets,
there's maybe something wrong with the World economy? But....nah....
If the stock goes up then you've made money. Why would you want/need to sell the stock? If you need cash monies you can go to the bank and using your stock as collateral you can get a big fat juicy loan.
This is like bringing money into a casino but you can never leave!
Everybody remember how to trade gaps? :)
"Well, you can simply ban selling, which is apparently the next step for China"
I would think that would "ban" buying, as people won't want to buy what they can't sell.
As with Newton's laws, for each action, there is an equal and opposite reaction.
"I would think that would "ban" buying, as people won't want to buy what they can't sell."
They're all in man. Nobody left to buy.
Destruction of the World Economy in
3...2...1
...JADE HELM!
If it goes up, why isn't it allowed to come back down? Nothing is lost...
I don't want to rub it in but "I told ya so."
Just like the Fed, China's cb is no way going to let RE or stawks drop that much.
It's very 21st century economic thinking.
Remember how well banning selling worked for Europe?
I've always wondered about the "fairness" of the equity markets, when during a massive selloff, everything is shut down,
"to protect the markets".
Sure, markets could rise 25% in one day, but God forbid if they took a nose dive.
That is just unacceptable.
"Peak Desperation" is over-sensational at this point. The value of Chinese stock market is still at $7.1 trillion, over 120% higher than its value of $5.7 trillion in Jan. 2015. Chinese one year benchmark rate is still at 4.85% (compare that to the 0.25% for the U.S.). Chinese still have $21 trillion bank depostis and 0 derivatives, compare that to $11-12 trillion U.S. bank deposits and $30 trillion derivatives.
Ah, well, since you put it that way, I guess that banning selling isn't really a problem.
So if you can't sell them they are worth zero then?
A few months ago, I joked about central banks "welding the doors shut then setting the building on fire." This is now an accurate description of what China is doing. Pension fund holding a bunch of garbage? We've welded the doors shut. Good luck retiring, bitches!
Paging all the clowns that think China and its Yuan will be the next reserve currency. They've only just begun to print to protect their Potemkin economy, and now this. Unbelievable! So you can get in but you can't get out. Central planning at its finest.
Which means its just as good as the dollar
I thought the Euro was the next reserve currency.
I heard the next reserve currency is going to be 15 year old MREs.
China values the importance of a Ponzi scheme and pulls out all the stops. China likes how we've kept ours afloat so, monkey see, monkey do.
No way! They did not do that! This is not good.They're going to give the FED ideas.
China's crash is bigger than Greece and keeps getting biggerer. China also imports a helluva lot, too. It's a good thing they have a lot of gold and can reboot, the FED, not so much.
no worries Lloyd's Yahweh's grindstone mission of debt slavery aligned with FAS 142 goodwill and Intangibles is all hedged into the market... Lloyd must be consulting Chinese..... Gyro and now Chinese food qualify for the good old American J.Wellington Wimpy
https://www.youtube.com/watch?v=sKJw6MIl1yQ
Oh yea the goodwill IP is tax free in double Irish with a Dutch sandwich gee I am hungry but the cooks
crooks are all on payrole http://www.reuters.com/investigates/special-report/scotus/ Thank you Greece..
They can still command shutdown of the entire stock market in China, as Deng Xiaoping said many years ago.
Sweet plan.
1- buy stocks
2- buy moar stocks
3- ?????
4- profit.
It's fool-proof!
Wait, no more cheap umbrellas?
No price discovery in China, in fact, no price at all.
Funniest headline I've seen in a long time. You buy it. You keep it. Ha! How will the speculators, er, speculate then? What a fucking weird world.
I think most intelligent observers are unsurprised at the trouble in China.
What is surprising is the speed and intensity of the government reaction, as well as the complete abandonment of long-term thinking in the face of an urgent short-term crisis.
A couple of thoughts on this:
1) With sovereign funds frozen in place, they are bound to see the net value of their investments decline and/or crash. This is not going to be happy news for recipients of Chinese social security checks.
2) Retail investors are looking to escape. Some of them at whatever cost right now. Others at the first sign of a dead cat. In either case, it seems likely that they are going to get out with a greater percentage of their investments than will the national players. This trend will not be halted by any temporary pause in the collapse, since the players are now interested only in exiting the game at the most favorable moment they can arrange.
3) People keep talking about the mighty amount of money on deposit in Chinese banks. My guess is that a large percentage of these deposits has already been pledged as collateral for margin accounts and is not just in danger of annihilation, but even of additional margin calls above the actual amount on deposit. 5-1 leverage can do that easily and swiftly.
4) All government actions are built around riding out a short term crisis. They cannot forbid margin calls forever without destroying the stock market and the banking system entirely. They cannot leave state funds in crashing bubble stocks forever without wiping out their own joint Commie nest egg. What happens when they have to abandon these short-term "riding the storm out" measures-- as they inevitably will be required to do?
I think an acceleration of capital flight from China is certainly in the cards.
This is bound to be greatly encouraged by the likelihood of show trials for those who dared to place rational bets against the madness of the herd. Anyone who is winning today has to be making urgent plans to escape with whatever they can spirit out of the country-- including themselves and their family.
The possibility of an absolute financial holiday, both banks and stocks, cannot be discounted either.
The likelihood of a Falklands "solution" has gone up a few percentage points as well. A rapidly arriving foreign crisis could both distract from domestic troubles as well as serve as a rationale for "temporary" domestic clampdowns that would be better supported as a patriotic measure.
"I think an acceleration of capital flight from China is certainly in the cards.
This is bound to be greatly encouraged by the likelihood of show trials for those who dared to place rational bets against the madness of the herd. Anyone who is winning today has to be making urgent plans to escape with whatever they can spirit out of the country-- including themselves and their family."
I would guess those plans were made a long time ago - as evidence I point to the RE market here in Vancouver and elsewhere.
This has been an open question in my circle for several years now:
Does a collapse of the Chinese market lead to panic selling of their offshore assets? It's well know that players pay cash in the Vancouver market, but there's no way to tell if that money was borrowed at home and is part of the collateral for their vastly over-leveraged market. Now, with selling not an option, do they liquidate foreign assets to shore up the domestic balance sheet?
I guess we'll know soon enough.
"... underwriting leveraged positions will sow seeds for greater market peril."
That is when THEY roll out the tanks in China. The FED has NO tanks!
"If the market did not rally today, it would have badly hurt the governments credibility." said Zhang Xi, an analyst with Hitong Securities in Shanghai
Peak Absurdity
Well that's bound to drive stock prices up.
They are not your father's socialism
Capital flight ?
pullin the chips
Ixing got JD on speedial
JD not answering-
were sorry-the party will not answer questions from the Bric's bank, your on your own
but if you change your mind about running your own bank
we'll talk
bye fur now J-god-D
Now that they have figured all our mistakes and are banning short selling (which never works) I think they should become the reserve curr. I mean they are making every mistake we do and they are doing it so much faster.
Commies - they are so funny.
And what about bankster puppet masters of capitalist USA
Obozo is drooling again.
He wishes.
Peak stupidity!
Wow how do these people make it to the top? How do you get there if you are this stupid. I guess you do what others are unwilling to do.
It's not just the Chinese oligarchy, it's the culture itself. Extremely xenophobic, utterly clueless, stubborn and savage. It's a recipe for bizarre and self-destructive behavior.
More Comedy:
I wonder if that guy can even pique his nose.
This is one of those moments when you see that the answer to the problem was so simple that you wonder why someone didnt think of it sooner
Hey folks...let's give the guy the benefit of doubt and let things play out ..we are talking about yin and yang taking place in the Chinese markets...
There go the pensions. Coming to your 401k soon.
A global World where deformed markets with collapsing price discoveries are the norms. Why is it a surprise that these unfold in China ?
Why is it a surprise that Central Planning attempting to direct markets can never work.
Like in every place, trading is with the Central Banks who are the largest counterparties in respective markets.
Roads to poverty lie with listening to these wealth managers with their spins on values, etc. If you cannot trade, then yank out your monies before bail-ins, gates, etc are erected. Retards continue to ignore so let them continue to be preys.
It is a crime to use pension funds for the stock markets.
Copying evil west means copying all the evils & perils which west is going through leading to a crash & collapse.