Thursday, December 04, 2008

Chinese Stop Lending to US Banks

Looks like our financial crisis has not gone unnoticed by our new overlords/next cold war enemies:


China Investment Corporation is to put the brakes on making investments in western banks until governments come up with coherent policies to cope with the global economic downturn.

Lou Jiwei, the chairman of the sovereign wealth fund, said today: "Right now, we do not have the courage to invest in financial institutions. We have to wait for the time when there won't be massive collapses of financial institutions."

The Guardian


In movies, the cavalry rides in and saves your ass. In real life, you have to save your own ass, and the Chinese stop investing when they notice your neurotic lack of plan makes you a profoundly bad bet, no matter how cool your hipsters think you are.

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Subvert the dominant paradigm, don't be a solipsist.

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