I am often amused by the Western media’s readiness to attribute godlike powers of long-term planning and Sun-Tzu-like strategic brilliance to China’s leadership. A well-known anecdote illustrates the point. Zhou Enlai, Premier of China in the Mao era, who when

Those who lived through the last two speculative blow-off tops know the impossibility of predicting the final top. How can we tell if stocks are in the final blow-off stage of a bubble? There are four basic give-aways: 1. Parabolic