China’s ‘Black Monday’ Becomes Everyone’s Stock Market Headache

AP
One of the big problems with allowing an authoritarian communist/crony-capitalist regime to become a world financial leader is that they lie about everything. China’s long-concealed economic woes finally became impossible to hide, and we got a worldwide market panic that sent the Dow Jones down a record-breaking 1089 points in the early hours, before a rally that was itself partially reversed later in the day. As bad as things were on Wall Street, the Chinese markets were worse, with even Beijing’s official news agency adopting the “Black Monday” label. A more clever name is suggested by Reuters: “The Great Fall of China.” “The Shanghai Composite tumbled by 8.5%, its biggest fall since 2007,” reports the BBC. “That plunge wiped out this year’s gains as investors refused to buy into the Chinese government’s repeated attempts to shore up confidence.” While the BBC says “the smart money is on the central bank reducing interest rates