Jumping off bridges, buildings ....
Or downing bags of potent pesticides, China's small investor
class are increasingly seeking myriad macabre ways to put an
ultimate end to their financial miseries. Together they owed
and lost a gimormous amount of money. Without the bankruptcy
laws to wipe out their debts, and give them a new beginning,
their future is one deep, dark tunnel.
The source of their financial woes: China's stock exchanges.
Early last year, within six short months, the Shanghai index
jumped from 3,000 to 6,000. Chinese citizens were totally be
-dazzled by jingling tales of easy money and completely mes-
merized by Gatsbian stories of rags to riches. Their humdrum
existence, fanned by yearnings for a brighter future ignited
their imaginations. In the quintessentially capitalistic way
of the west, they saw a clear path to fulfilling their dream
of getting rich, fast. Certainly, there were talks of risks.
But did the government not keep saying that China would sur-
pass the world's advanced economies, including the USA?
Many bought shares - at their peak, thinking that they would
go much higher. Many were rewarded. Then, suddenly and with-
out warning, China's stock exchanges started to plunge. They
were worried but managed to convince themselves that, surely
the government would step in to help them, in due time. This
country, they argued, practiced socialism with Chinese char-
acteristics, not heartless capitalism of the west. Wrote one
investor in an investment website, "Don't worry, the govern-
ment will step in later, just keep buying. I heard that even
the heartless US government is lovering their interest rates
to sup****t the market. Our country practices socialism, with
Chinese characteristics."
They waited, and waited, too dazed and horrified to pull the
trigger and take their money out. In the meantime, the stock
markets nose dived. Then, they could bear it no more and one
after another, China's small investors embarked on different
means to end their miseries - once and for all. Watching the
the unfolding sad drama, was the Chinese government.
Anxiously, but steadfastly on the sideline ....
Regards,
Albert K. Fung
Casa Tres Palmas, Santa Ynez, California, USA.
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