“New Order Moves Us Closer To China’s Economic Model”

“Is the Bush Adminstration following China’s government controlled economy?”

Back in 1988, free-market partisans in the West were shocked by the Chinese intervention, and decried it as a dangerous precedent. But it helped stabilize the Hong Kong market. Now, that earlier bailout seems modest indeed — compared to the quasi-nationalization of the world’s leading banks we’re seeing this week.

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