29-05-2007, 02:49 PM
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Join Date: Dec 2005 Location: shelf
Posts: 15,365
| China
I did a search and didn't find a China thread, although I remember us discussing China several months ago. So here: any news, comments, opinions etc., about the Chinese government, economy, trade, growth, stock market, etc. Restaurants , too.  Quote:
May 23, 2007
MADRID - Former U.S. Federal Reserve Chairman Alan Greenspan said on Wednesday he feared a "dramatic contraction" in Chinese stocks but said the global economy may be able to shrug off a drop in asset prices.
Addressing a meeting in Madrid via teleconference, Greenspan said the recent boom in Chinese stocks could not last.
"It is clearly unsustainable," he said "There's going to be a dramatic contraction at some point."
Greenspan also said a correction could cause problems for Chinese personal wealth. Some analysts have speculated that the Chinese government could be tempted to dip into its reserves to bail out any stung investors and avoid social unrest.
Greenspan, who stood down as Fed governor last year, said cheap Chinese imports were one of the elements stoking world growth, along with Eastern European workers and the knock-on effects on lower inflation and rates.
"In the last five years, the world as a whole is a growing faster than at any time in the world's history," he said. "It can't last and it won't last because it's a one-shot adjustment."
| Entire & Link: Greenspan predicts big drop in Chinese stocks - MSNBC Wire Services - MSNBC.com
__________________ Military men are dumb, stupid animals, to be used as pawns for foreign policy– Henry Kissinger (January-February 2003 edition of Eagle Newsletter)
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