China's markets

Thomas Easton for the Economist on China's stock markets:

..the market in China has become an example of moral hazard gone wild. Historically, this is not uncommon. Markets work in nasty ways and countries frequently try to control them. Critics are faulted for misunderstanding the local “culture” or for missing the crucial fact that this time, really, is different. And then, inevitably, there is a crash.

Totally agree. I'm not convinced that China's government has the legitimacy necessary to weather a big and prolonged crash (which is inevitable).