Advice to the Chinese
October 18, 2005
In his latest The Daily Reckoning e-mail newsletter, Bill Bonner describes the latest gratuitous economic advice our financial gurus have been feeding the Chinese. Consider this delightful excerpt:
The Chinese, for example, have been around for a very long time. They were eating spaghetti and firing off rockets when our own Anglo-Saxon forebears were still slithering in the mud of the Dark Ages. It is not as if the Chinese were born yesterday; it is as if they hadn’t been born yet at all. They seem so naïve…so innocent…so benighted. Why the poor people still think you have to save money to get ahead! Can you think of anything so backward, dear reader? It is hard to imagine, isn’t it? We mean that in this great Internet age - with all the world’s secrets available to anyone who can spell google.com - how could the Chinese remain so frightfully un-sophisticated? How could they not know of mortgage equity extraction (MEW), of negative amortization mortgages (Neg Am), maximizing shareholder value (MSV), or flipping condos (FC)? We wonder if they are aware of other breakthroughs; do they know about penicillin, reality TV, rap music? Do they walk on two legs, or four? Maybe they don’t even know how to use a knife and fork.
There is nothing I can add to this.
Dave, dolefully shaking his head.
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