The world's financial markets had a terrible Monday. The debt crisis in Greece (population: 11 million) has been dominating the headlines and the press's attention, while serious deterioration in China (population: 1.36 billion) is getting short shrift.
It isn't just that the mainland Chinese stock market has broken the bear-market decline threshold of 20 percent in less than three weeks, dropping 21,5 percent from its June 12 peak. Its underlying economy, to the extent that such things can be ascertained in an information-controlled and news-manipulated society, appears to be in serious trouble. Associated Press reporter Ken Sweet, in a Friday Q&A writeup, emulated the worst tendencies of politicians. He posed a question about China's economy, "answered" it with a complete dodge, and pretended that its economy hasn't started slowing yet (bolds are mine throughout this post):