My father, a New York financier, used to call dubious stocks or bonds, “Chinese paper.” Last week, we saw a blizzard of Chinese paper, both in China and around the world. As manager of a sizeable investment portfolio (an unwelcome second job from my main work, journalism), I watched last week’s near death experience on world markets with a mixture of cynicism and alarm. First of all, remember when Americans – and particularly Republicans – demonized Mao’s China and endlessly warned about the...
