– The Latest Thing In China: Brokers Refusing Sell Orders (ZeroHedge, July 10, 2015):
Just think of it as brokers doing you a favor: do you really want to be arrested for “malicious” selling?
Several friends in China have told me that brokers have refused their sell orders.
— Patrick Chovanec (@prchovanec) July 10, 2015
So why even bother with the pretense of “markets”, and not only in China, but in Japan, Europe, Switzerland, the US and everywhere else where central banks have directly injected $22 trillion in artificial liquidity in the past 7 years to keep the illusion afloat?
@markets when you have the State creating money to buy stocks and enacting draconian measures against selling, it’s not a market anymore.
— Rudolf E. Havenstein (@RudyHavenstein) July 10, 2015
Think of how much more productive the economy will be if central banks assure that markets will close higher by 1% every day in perpetuity. Consider the amount of free time Wall Street’s brilliant “financial engineers” will have to allocate to socially useful activities for once.