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February 27, 2007 [LINK / comment]

Stock plunge: China's fault?

Wall Street laid a pretty big egg today (though not as big as in 1987 or 1929), losing 416 points; see Washington Post. Apparently the sell-off was triggered by a financial panic in China. James Waterton had a pessismistic assessment of China's economic prospects about a year ago, and his fears may be coming to pass. Hat tip to Instapundit. I've had a very hard time trying to explain to students that China has a burgeoning capitalist economy that is, nevertheless, subject to a Communist dictatorship. It is a fatal contradiction, and we may pay the price one of these days. Or perhaps the Chinese leaders will see the light as Gorbachev did, and there will be miraculous transition toward a more open political system as happened in the old Soviet Bloc after 1989.

Posted (or last updated or commented upon): 27 Feb 2007, 11: 35 PM

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Blog highlights have been compiled for the years 2010-2012 thus far, and eventually will be compiled for earlier years, back to 2002.


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The "home made" blog organization system that I created was instituted on November 1, 2004, followed by several functional enhancements in subsequent years. I make no more than one blog post per day on any one category, so some posts may cover multiple news items or issues. Blog posts appear in the following (reverse alphabetical) order, which may differ from the chronological order in which the posts were originally made:

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