Shooting the Messenger: Reporter Forced To Confess To Contributing To Fall of Chinese Market

400px-Chineseart_ExecutionpaintingThe Chinese regime followed its recent market meltdown in true Maoist fashion this week. It dragged out a journalist, Wang Xiaolu, to confess that he helped start the crash. It cannot be the centrally planned, artificially dumped up system itself. No, it was a journalist.

He was not alone. China featured a slew of confessions from brokers and journalists to take the blame for the biggest stock market sell-off since 2008. This is all of course pre-trial since such cases are preordained in the Chinese system.

The 0.8 per cent drop Monday was a 12 per cent fall for August and a near 40 per cent fall from the end of June. That came after a 14 per cent slump in July. More than $5 trillion (£3.2 trillion) was wiped out.

Wang Xiaolu, a reporter at the Caijing business magazine, confessed to writing about the Chinese stock market “based on hearsay and his own subjective guesses” that “inflicted huge losses on the country and investors”. It is clearly an absurd charge but vintage Mao. The problem is not the system but reporting on the system.

Liu Shufan, an official with the China Securities Regulatory Commission (CSRC), also confessed to crimes including insider trading, using his position to boost a listed company’s share price in return for bribes. He was joined by Citic executives Xu Gang, Liu Wei, Fang Qingli and Chen Rongjie who confessed to insider trading.

130px-Mao_Zedong_portraitFor years, many have expressed doubt over the stability of the Chinese markets with such heavy government intervention and control. In my visits to China, I have often remarked on how fragile that system seemed with huge numbers of forced retirements at early ages and massive government programs. Then there is the continued rampant corruption and centralized planning. It will take more than parading out reporters for blame to protect the ruling class in China from the mess that they have created.

SOURCE: Independent

20 thoughts on “Shooting the Messenger: Reporter Forced To Confess To Contributing To Fall of Chinese Market”

  1. Fogdog,

    Do you sincerely think the FED/TREASURY/MILITARY/INDUSTRIAL COMPLEX gave the global economy, or any other serious aspect of the human experience on planet earth, over to Barry Soetoro? Nuclear weapons are substantially above the pay-grade of a communist community organizer cum ineligible president. Do you believe the Muppets are actual biological entities?

    At least, if Trump were to be elected, he would restore the name to Mt. McKinley (when Barry leaves the office he’s not eligible for, he can try his hand at changing the names of Mt. Fuji and Der Matterhorn).

    P.S. Look what happened to the Constitution when it’s care was put in the hands of the Supreme Court. The corrupt justices cavalierly commingled the definitions of “state” and “federal” and usurped the power of Congress by “legislating from the bench.” In the future, presumably, the SCOTUS will issue its decisions, then provide America with the “Revised Judicial Branch Dictionary” so we can all understand them – until someone finds a Merriam-Webster’s.

    It’s all a great big joke. Or the FED/TREASURY/MILITARY/INDUSTRIAL COMPLEX is firmly in charge.

  2. BitchinDog: Indeed, China is a Communist country. Perhaps The Donald sees it more clearly since he is head of an empire which closely resembles a “command-control” structure. Corporations are not democracies.

    China has come a long way since my first trip to the Mainland when people were wearing blue and gray uniforms with caps bearing a red star on the front, bicycles everywhere with ringing bells and no buildings over about 4 stories. Now, the country is transformed with industry, hotels, luxury skyscrapers, the internet, computers, cell phones, cars everywhere, some very smart and highly educated people, and a military that is developing stealth fighters, anti-satellite missiles, submarines, carriers and an ocean base in the South China Sea. Those “one child per family” babies have grown up and are now into another generation. Strong egos and sense of entitlement and destined not to repeat certain events of history.

    The Donald has an abrasive and confrontational attitude which, to my way of thinking, may work in certain situations but would be high risk in today’s “hot” world of nuclear weapons. I certainly don’t have the answers here, but think the rhetoric of candidates and media in this campaign season needs to get focused on top issues facing our country and hemisphere. It would be horrible some day if we look back on our own history and realize that we dismissed opportunities that are before us now.

  3. PCS, we could begin with a completely generic, unbiased and neutral repeal back to the Preamble, Constitution and Bill of Rights, including amendments subsequent to the Bill of Rights and all law of the same timeline.

    A Do-Over.

    No, no. A RESET. Go get the RESET button from Hills.

    P.S. This time we take the Founders at their word; literally.

  4. I watched The Donald on tv tonight on CNN. He had a long interview with Don Lemon. I think he would be a good President in terms of dealing with Communist China. Few people in media even call that place Communist China or Red China. It is definitely a Red State. It makes you wonder why the Republicans call their states, Red States. Has all the tea in China gone to Texas? I like The Donald. Maybe I am just a dog with no wider sense.

  5. Wholeheartedly agree with David M 2575. The idea of politicians identifying laws to repeal is long overdue. In fact, this idea should be sold to constituents so they can hold their elected officials accountable for achieving this goal. Perhaps a good start would be a non-partisan working group at the grassroots level to assemble recommendations from all sectors. It could start with a first call of identifying the top two from each sector and reasons.

    A challenge for politicians is that the pressures for repeal of laws would likely equal that for passage of laws. Politicians often read summaries or summaries of summaries of laws and constituents are grounded in summaries sold to them by an interest group or a fairly low level of detail. .

    1. Fogdog – I have thought we should pass an Amendment that would require legislatures and governors to repeal two laws for every one law passed.

  6. “Shooting the Messenger: Reporter Forced To Confess To Contributing To Fall of Chinese Market”

    Americans with a right to freedom, free enterprise and private property being commanded, dictated to and forced to pay for:

    Welfare
    Affirmative Action
    Forced Busing
    Obamacare
    Social Services
    Medicaid
    Food Stamps
    Utility subsidies
    “Fair Housing”
    “Equal Opportunity” – EEOC
    Unemployment Insurance Payout Extensions
    WIC
    Illegal Immigration
    “Anchor Babies”
    Quotas
    Public School Corrupted Into Communist Indoctrination Centers
    Central Planning/Regulation/Nationalization of Business
    Medicare
    Social Security
    FED/TREASURY COMPLEX
    End of a stable, gold-backed currency as a “utility” to facilitate central planning.
    Corporate Bailouts
    HAMP
    HARP
    HUD
    HHS
    Dept. Education
    Dept. Labor
    Etc.

    Communist apparatchiks, bureaucrats, number in the thousands.

    Communist Party Political Officers are UBIQUITOUS throughout America.

    Local programs and “incentives,” from roads to schools, are “funded” and therefore “directed” by the central government.

    Number of Communist Programs in the Preamble, Constitution and Bill of Rights – ZERO.

    Number of Communist Programs extant in America in 1789 – ZERO.

    Americans don’t need to be concerned about criticizing the Chinese for being communist. America has been communist since Comrade Lincoln conducted his unconstitutional “Reign of Terror” and communism has only expanded and strengthened its grip since then.

    Modern Americans have no clue what “freedom” and “free enterprise” are anymore.

    Imagine; the Founders limited government to:

    Justice
    Tranquility
    Common Defence
    Promote General Welfare

    That’s security and infrastructure. The “blessings of liberty to ourselves and our posterity” are Freedom and Free Enterprise without interference by government.

    The Founders did not nationalize or otherwise control free enterprise, industry or business. Government was to facilitate the “pursuit of happiness” not hinder or direct it.

    The Founders freed Americans from the tyranny, oppression and control of government; from control of the King.

    Had they but known, the Founders would have stated that they freed Americans from Communism too.

    Oh yeah, let’s laugh at those pesky Chinese communists.

  7. So, we have our conspiracy theorists here that equate what China does with the fact that in America there is no press censoring, people can complain openly about ‘White House Influence’ without giving specific examples, and most of the news that is printed is a free for all of exaggerations, preconceptions, and biased opinions containing lies and fantasies, and we are in trouble. The only trouble we are in is having to listen to the people who are constantly making stuff up.

    The scary part is that those that believe this are arming themselves to the teeth in the advent of government stormtroopers kicking in their doors.

    1. issac, you are not paying attention. Nick offered the specific example of Sharyl Attkisson. I provided a link regarding that up thread. Another example is the Justice Department investigating Fox News journalist James Rosen. Here’s a link to information about that:

      http://dailycaller.com/2013/05/20/justice-department-investigated-fox-news-reporter/

      We should be very afraid of our government. The government is confiscating too much of our money, too much of our property, and they over regulate our activities when we try to earn a living. There are way too many laws. Virtually every person in our nation has broken more than one law.

      I’m looking for the politician who will start heralding not what laws he is going to create, but what laws he is going to repeal. The less laws we have, the better.

  8. Maybe China is onto something.

    America’s stock market resembles the Daytona 500 with media calling every up and down in the market as one car getting the edge on another and so on. Is that news? They are using the market to game their ratings and advertising dollars. Who are those media yahoos? How many are failed at some other profession, e.g., law? They are propagandists of the highest order who do the work of moneyed puppeteers.

    Consider also that the two party system has failed in the U.S. In the beginning, each party was supposed to have all views (liberal, conservative, moderate, etc.) under its tent for debate and come up with the best position representing some consensus. Candidates were exposed and tested in their party and their party leadership was developed and tested within the party. In the end, both parties presented their best, reasoned views of what is best for the country and they presented a slate of leaders to put up against the other party in the general election. Am I wrong?

    Some yahoo like Trump manages to take control of the party without working his way up through the party ranks. He is a media candidate who has purchased the party lock stock and barrel and the dedicated party members can’t control him. He bullies his way. Look at the others who declare themselves to be this party or that party and they then get media to market them as news.

    Time to order 200 more guillotines. Fresh horses! We ride at dawn!

  9. Maintaining control of The Narrative is essential to all socialist and fascist regimes (PBUT)!

    As that Badthink author Dalymple writes:

    “When people are forced to remain silent when they are being told the most obvious lies, or even worse when they are forced to repeat the lies themselves, they lose once and for all their sense of probity. To assent to obvious lies is…in some small way to become evil oneself. One’s standing to resist anything is thus eroded, and even destroyed. A society of emasculated liars is easy to control. I think if you examine political correctness, it has the same effect and is intended to.””

    I love a good Show Trial!

  10. What is frightening is how much our system is migrating toward being like China’s system of government. The Obama administration treats the media in the same blameful way. He might not yet force false confessions from them, but we are heading in this direction. Few are paying attention to this.

  11. Sharyl Attkisson and several other reporters better hope this Administration don’t get any ideas.

  12. Mao, Mao, bo bow!
    Bananna fanna fo fow!
    Fee fi fo Mao!
    MAO!

    When you have a captitalistic system run by Communists you are good in one way. The boss Tweeds can marshal huge resources to do any business task. But they are hampered in another way. Capitalism relies somewhat on market forces which Maoist forces cannot control. The lesson is to never invest in a Chinese company which puts itself out on the stock markets available in America. Be careful about any company like Caterpiller which has too much invested either in China or on the edge. If you are an investor in the Dow then watch late night tv on CNBC and follow the Dow Futures on Chinese markets which are shown on the screen. If the Dow futures are down expect that to be the case when the Dow opens in America in the morning.
    I am just a dog talking and don’t know nuthin bout birthin babies.

  13. This “it’s not the conduct it’s the reporting on the conduct” is not an new argument nor is its use limited to dictatorships or authoritarian countries. Our own government has been pretty hard on whistleblowers and corporations complain all that time that their problems are media driven.. It’s not a safety problem, it’s a PR problem.

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