LA LA LA LA LA LA LA LA - The Market Ticker: "LA LA LA LA LA LA LA LA
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Friday, December 19, 2008
LA LA LA LA LA LA LA LA - The Market Ticker
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This is the best short analysis of our current economy I' ve seen, and I'm sending it on to anyone I think might be interested. It's from The Atlantic Monthly Online quoting Gao Xiqing, President of China Investment Corporation, which oversees China's US investments.
First of all, you have this book to sell. [He picks up a leather-bound book.] This is worth something, because of all the labor and so on you put in it. But then someone says, "I don't have to sell the book itself! I have a mirror, and I can sell the mirror image of the book!" Okay. That's a stock certificate. And then someone else says, "I have another mirror—I can sell a mirror image of that mirror." Derivatives. That's fine too, for a while. Then you have 10,000 mirrors, and the image is almost perfect. People start to believe that these mirrors are almost the real thing. But at some point, the image is interrupted. And all the rest will go.
Herb Caponi
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