I hear a lot of comments (I'm sure we all do) about how smart...

I hear a lot of comments (I'm sure we all do) about how smart the Chinese are; how they know what they're doing...well, you have to bear in mind that capitalism over there only started about 10-15 years ago. All of their political and non-Hong Kong business leaders were brought up on a strict diet of Maoism.

They're green spring chickens, as far as capitalism is concerned. The only thing which stopped them being completely raped and pillaged during the past decade, was their reflexive insistence on restricting entry, capital flows and ownership in relation to foreign companies. To think they can play the capitalism game as well as a western investment bank, with 50 years experience in ripping the punters off, is equivalent to viewing the Chinese as super-heros.

In relation to their US debt holdings, they've just been tied to a spit and picked up. Now, they see the carriers walking towards the fire and they're starting to squeal.

Too late!