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Politics : Idea Of The Day
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To: Dragon 1 who wrote (19650)8/30/1998 9:12:00 PM
From: j g cordes  Read Replies (2) of 50167
 
Xia Qui.. I'm not saying they are doing a state take-over. I'm saying that China and the rest of the world see backing their market's very differently. China see's the logic of using state (the people's) money to support the people's market. The problems of supporting the peg and using currency reserves to buy shares is less than the problems of having the currency devalue. Remember we also "manage" our markets through government action in times of great stress, the Fed stepped in in 1987 with massive liquidity to assure capital flows.

In the larger picture its naive to think that "free" markets are entirely free. There are gangs of short specialists afoot in the world who profit from attacking stocks and markets when they're weakest. Their actions are not what a free market is all about because its a manipulation by powerful interest groups at the expense of smaller traders. If the same were happening to our markets to the same degree you can be sure the SEC and Fed would put an end to it.
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