China's Economy: The East is Red

A week before the 1929 market crash, which led to the deepest global depression in modern history, Irving Fisher, one of the most famous American economists at the time, said US stock markets were at a permanently elevated plateau. In the 1980s, political elites, pundits and financial market participants all thought Japan had figured out a new and superior “managed market system.” Both booms were illusory, fueled by easy money credit bubbles, and both predictably ended in bust.

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