Hilarious quote from the chairman of China’s sovereign wealth fund: “If you look at the troubles which have happened in European countries, this is purely because of the troubles of a worn-out welfare society. I think [the EU’s] welfare laws are outdated. The labour laws induce sloth, indolence. The incentive system is totally out of sync.” When your labour laws are being lambasted as incentive-distorting by a country that’s nominally communist, what’s that make you? (http://www.ocnus.net/artman2/publish/Business_1/Chinese-Fund-Manager-Lambasts-EU-Sloth-Indolence.shtml)
A pretty obvious reaction. European bureaucrats have been pestering China to buy more and more debt. When a poor salesman keep on insisting you buy his junk it’s only natural you will lose patience…