Saturday, November 10, 2007

China's Pyramid Scheme

China's Pyramid Scheme Finds Lessons in Japan: William Pesek
Nov. 9 (Bloomberg) -- ``Their Pandora's box has been opened.''

That's how Yi Gang, the Beijing chief of the People's Bank of China, described what is among the most-tantalizing economic dynamics of our day: the get-rich-quick euphoria coursing through the world's most-populous nation.

``The Chinese people are no longer satisfied with putting their money in the banks after seeing the huge growth and development in the stock and real estate markets,'' Yi said yesterday, explaining as well as anyone why China's stock market keeps rising and rising -- and rising.

See Also:
China Is Fiddling While Its Economy Overheats
Let Them Eat Cake!

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