Paul Krugman, SPECIAL #NYT Op-Ed, Meanwhile In China

Meanwhile In China

I am, of course, anxiously awaiting the results of Greferendum, although the next few days in Greece will be terrible whoever wins. But we shouldn’t lose sight of other risks facing the world. Some of us have been worrying quite a lot about China — an economy that at market exchange rates is 40 times the size of Greece, and is severely unbalanced. 

And in the past month, mainly in the past few days, the Shanghai stock index has fallen almost 30 percent. This doesn’t necessarily mean that the feared crisis has come, but it’s definitely not a good sign.

http://krugman.blogs.nytimes.com/

Paul Krugman

The Conscience of a Liberal

First Financial Insights Inc.

Our Comments:  July 5, 2015

 Indeed there is long and ever-growing list of economic news disasters percolating out there; starting with Global Bonds, Real Estate Bubbles, Brazil, Chicago, Pensions, Spain, Italy, Japan, UK, Ukraine, Stock Crashes, Mexico, Oil Supplies, and on and on...

Not to impolitely forget - there's that nice ole Pope Francis fella with all those “So-GOP-Called”  - 188 pages of encyclical ranting and nonsense regarding the global climate. Imagine, him thinking we have a possible melting problem in the Arctic and Antarctic. “He is not even a scientist,  and plus, he lives in Europe somewhere - so what does he know? Boy, that guy has some nerve! “

Anyway, he has much better connections than they could ever hope for, apparently.

Hence, Greece somehow seems like a pimple on the elephant's back in the  more broader and larger context of global turmoil. Yet, there is a shining beacon of good news coming out of Iceland with reports of a miraculous economic turnaround since its meltdown. Why? They are supposedly one of the few who had actually  - JAILED THE BANKERS!!!.

Not only, was it historically a great economic-political-decision and priceless-lesson for all of us, but it also leaves the door wide-open  to another valuable question -  WHY STOP THERE?

July 5, 2015

Toronto, Canada