Not to be a spoilsport, but it is really over. We have reached the bottom of the cliff, and all that's left now is cleaning up the mess.
China banks told to halt lending to US banks-SCMP
BEIJING, Sept 25 (Reuters) - Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.
The Hong Kong newspaper cited unidentified industry sources as saying the instruction from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to U.S. banks but not to banks from other countries.
"The decree appears to be Beijing's first attempt to erect defences against the deepening U.S. financial meltdown after the mainland's major lenders reported billions of U.S. dollars in exposure to the credit crisis," the SCMP said.
A spokesman for the CBRC had no immediate comment. (Reporting by Alan Wheatley and Langi Chiang; editing by Ken Wills)
Seriously. This was the great fear that stalked the markets (and the Regime) during the Par-tay Time, when everybody but us poor saps were getting rich. China could pull the plug.
Well. Today they did.
It's well and truly over now.
Welcome to the Brave New World.
I say why stop with nationalizing the financial sector? Nationalize energy and transportation, nationalize health care, nationalize communications. Nationalize all natural resources. Nationalize what's left of manufacturing.
Run these markets solely for the Good of the People. Socialism for All!
If China demands payment on its debt, let them try to come collect. They won't. But our problem is, of course, that we have so little manufacturing left, having transferred most of it to... well, China! So we are dependent on Chinese products, and China will make us pay for them, a lot. "Wal-Mart! Always the High Price Leader!"
Will the People rally to clean up the monumental mess at the bottom of that cliff we were always not quite going over (except we really went over it a long time ago)? If they are called to, I think they will.
But those who profited on the way down better look to giving up their gains and then some.
There is the Devil to pay.