WASHINGTON, Sept. 2, 2015 – According to the human rights organization Dui Hua, China executes 4,000 of its citizens each year for economic crimes. One such victim was real estate developer Zeng Chengjie.
Zeng is said to have swindled 57,000 investors out of $8 billion, destabilizing an already shaky Chinese Central Bank-induced real estate bubble.
“In China, the execution of white collar criminals has become increasingly controversial, as the government itself often has a large part in economic matters,” wrote Steven Perlberg at Business Insider.
And the South China Morning Post reports that Li Yifei, whom the publication describes as “China’s most powerful businesswoman” and who is the chairwoman of the China unit for the Man Group, the world’s largest hedge fund, has not been seen in public for days. She is suspected of having been arrested by Chinese authorities, along with others, for “fabricating and spreading false information” preceding the massive 40 percent drop in Chinese stock valuations.
Is a bullet in Li Yifei’s future?
When you are a member of an organization that claims God-like omnipotence – whether it’s the totalitarian rulers of communist China’s Central Committee or the secretive rulers of our Federal Reserve’s Open Market Committee – if your plans go awry, it must be the result of criminal interference.
Oddly, no one bothers to ask a simple question: “If infallible state planners can predict and build a better future, why is it they consistently fail to foresee and pre-empt the plans of those enemies bent on impeding utopia?”
Lucky for totalitarian China and the globe’s central banks, most human beings are easily duped.
That’s why real estate swindler Chengjie was propped against a wall and shot and why the draconian regulations of Dodd-Frank were imposed on America’s financial institutions. You must never blame state planners for the high crime of predictive hubris.
It is the great superstition of our age that state planners can do no wrong.
Blame must be placed elsewhere.
Speaking in the royal “we,” President Obama said in his last State of the Union Address, “At every step, we were told our goals were misguided or too ambitious, that we would crush jobs and explode deficits. Instead, we’ve seen the fastest economic growth in over a decade, our deficits cut by two-thirds, a stock market that has doubled. And health care inflation at its lowest rate in 50 years.”
“We” was wrong on all counts.
Tuesday’s Dow drop of 469.68 points proves air is coming out of Obama’s stock market bubble.
“A market priced for perfection will start to wilt when investors realize things aren’t particularly perfect,” writes Jeff Cox at CNBC.
In other words, investors are reconsidering the “full faith and credit” they’ve conferred upon the governmental purveyors of “perfection.”
You know, the same worthies who shoot others for their omniscient failings.