Sloan: A lesson from China on the myth of the economic miracle

What can we learn from the turmoil in Chinese financial markets, a meltdown that sparked a record $1.5 trillion first-week-of-the-year decline in the U.S. stock market (by Wilshire Associates’ count) and massive losses throughout the rest of the world?

We can learn quite a lot — including something that applies to us in this country.

For starters, the Chinese market meltdown is a painful reminder that there’s no such thing as a perpetual economic miracle.

Second, we see that history often repeats itself.

And finally, it’s a reminder that despite what many people believe, central bankers aren’t all-knowing and all-powerful. We should respect them, but not worship them.

So here we go.

Read more: Washington Post

Allan Sloan is a columnist for The Washington Post. He is a seven-time winner of the Loeb Award, business journalism’s highest honor. View Archive


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