China's chaos

Ace informs us today,

China's markets lost 5.9% last night, and have lost about one third of all value the past month.

His headline for the story:

Capitalism is a Chaotic System With Frequent Bubbles and Bursts So That's Why We Should Switch to a "Managed Economy" Like China

Something Tom Friedman has said a dozen times, but I wonder if he's saying that now.

China's deliberately-created housing bubble is bursting and who knows what the world fallout will be from this.

Read more here.