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Wall Street out on a Ledge over China

Bok cartoon: Turns out China's run by a Commie... who knew? Wall Street, China, Evergrande Group
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Wall Street took a deep dive yesterday on news from China. Investors are afraid China’s biggest property developer, Evergrande Group, won’t be able to make payments on its debt. If that happens the company could collapse like Lehman Brothers in 2008 and take the economy down with it.

To make matters worse the Wall Street Journal (paywall) reports that Communist Party leader Xi Jinping isn’t a capitalist! He thinks private capital is running “amok.” And he wants to force China back to “the vision of Mao Zedong, who saw capitalism as a transitory phase on the road to socialism.” He even showed up in a Mao suit.

Maybe my guy on the ledge is afraid he’s on the road to serfdom.