The population of Greece is slightly less than the state of Ohio's, while its gross domestic product is just a little bit bigger than the economies of Kazakhstan, Algeria and Qatar.
Instead of focusing on Athens, investors should be much more worried about what's going on in China. You know, that country with about 1.4 billion people and the world's second largest GDP?
The Shanghai Composite and Shenzhen Composite have both plunged about 30% from their highs due to legitimate concerns that Chinese stocks are in a bubble.
China's government is taking steps to try and minimize any more pain in the market. But that could backfire.
ifarm18 minutes ago
For all the commentors drubbing the Chinese through the mud. I can tell you as an ex Patent attorney that many of the patent examiners understand better about our patent system and how it relates to the economy than most Americans even than most attorneys. The real surprise is that many US patent Examiners are Asian Chinese and Japanese. Today one of the under secretaries of the Patent Office held seminar to explain to Americans how the system works. She was Ms Lee a Japanese, I believe.
phneutral20 minutes ago
Big difference, China has money. Lots of money and seems to understand, at least, rudimentary economics.
smartmouth21 hour ago
Do we still print money or have we stopped that? From where do the feds get money to lend bankers at almost 0%?
nick64464 hours ago
In dealing with the US the trading strategy of Asian countries is clear: Always maintain a large and continuing trade surplus by making imports difficult, exports easy and encourage a high personal savings rate among the population. Then use the trade surplus plus savings to purchase US real property (buildings, Land, Natural resources etc ) , and open businesses in the US, employing locals, as well buying US debt to acquire more political and economic influence; In short buy the other mans property with his money as well as buying influence with his money. We are saps for allowing this.
Jeremiah Donaldson8 hours ago
"Instead, it appears markets are being levitated by continued government borrowings and manipulations."
Funny it's a bad thing when China does it but business as usual when the USA does it.
JFCanton7 hours ago
The baldness of the manipulation is much greater here. When the US does it, it's for preserving confidence in private business that continues to go on, while this is straightforwardly creating business.
mitchgam8 hours ago
China is doing whatever it can to manipulate its currency and the worlds economy in its favor.
While it worked for a while, the cracks are growing in their schemes and in time, they aren their government will crumble.
Like with the former Soviet Union and now Iran, time is on our side.
All we really need to do is get our house in order and be patient.