TWO SETS OF RULES: ONE FOR THE ELITE, ONE FOR EVERYONE ELSE
by SIMON BLACK
Sovereignman.com
April 19, 2012
[Editor’s note: Sovereign Man Chief Investment Strategist Tim Staermose is filling in for Simon today.]
One of the defining characteristics of EVERY boom is the presence of a small elite seeking to enrich itself through graft, corruption, and unethical behavior.
When the music stops and the boom busts, these same people are frequently put to the sword of public opinion. Think Bernie Madoff, Ken Lay, and Silvio Berlusconi.
The Chinese economic “miracle” of the past three decades will prove to be NO EXCEPTION.
I’m convinced that history will one day show that corrupt Communist party officials, in cahoots with shady developers and construction moguls, systematically plundered the Chinese economy, getting rich off the hard work and savings of the average person.
It’s been happening on an unimaginable scale… and the fuse for the whole rotten mess to explode may have just been lit with this Bo Xilai scandal. To review, briefly:
– Bo Xilai, the former mayor of China’s largest city of Chongqing, was once one of the rising stars of the Communist party and being groomed for a top spot in the Politburo.
– Wang Lijun was his police chief and right hand man.
The Rest…HERE
