Even though I think it is true, it did come from the Dan Rather network, so somebody needs to verify the email font. As I have said before, "Gunwalker" was not a "botched sting". Back in 2007, the Bush Administration killed the idea of using gun purchases to sting Mexican drug cartels because it was dangerous and ineffective. Obama and Holder revived and pushed the concept because they wanted grounds for new restrictions. The ATF is always looking for ways to hose us. I hate revenuers.
Meanwhile, beware China-geddon. From the article:
China, says Edwards in his inimitable prose, is a “freak economy.” No other economy in history, he points out, has experienced such high investment to GDP ratios and seen so many sequential years of strong investment growth.Or one might say, it's like a great Dot Com bubble.
We have been exporting inflation to China over the last couple of years — one of the reasons it hasn't been worse here, especially prior to QE2 back in 2010. I always have my doubts about official proclamations of how an economy is doing. Certainly China has seen tremendous growth, but it was based mostly on exports to the U.S. and Europe. As the West has gone into recession, it should be expected to impact China.
China has built large cities that remain largely uninhabited. It is a command economy, and, as is more and more evident, the Chinese are no better than the French, the Germans, or a Harvard brain trust at managing the economic decisions of large numbers of people.
** Update -- Spengler addressed China's potential weaknesses a couple of weeks ago.
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