Chinese Checkers

"Always with the negative waves, Moriarity."
--Oddball (Kelly's Heroes)

The Euro Drama has been distracting attention from the carnage taking place in Chinese equity markets, which are down about 30% in less than a month. Of course, that followed a rise of more than 100% since the beginning of the year.

Because they have been loathe to let prices sink, government officials have been implemented a plethora of interventionist polices to try to keep the wheels on the wagon. Rate cuts, margin loan expansion, direct equity purchases. Hey, they've been learning from the champs (us).

Now media sources claim that the Chinese government is banning talk construed as unfriendly toward markets. Check your negative waves at the door, Moriarity, or get arrested.