On a morning which brings the news that the Chinese markets dropped 8.5% overnight with the result that the FTSE100 is off 2.7% and most of the rest of Europe is down over 3.0%, I can bring you one small item of good cheer. In China, as the Communist Party has gingerly allowed capitalism, red not in politics but in tooth and claw, to have space to operate, it will come as no surprise to us hard-bitten, twice-shy westerners to know that various dodgy investment outfits have started up. The Chinese are inveterate gamblers and anyone who offers them a deal too good to be true will have plenty of takers.
Thus it was with Fanya Metals Exchange, a company dealing in minor metals which offered the punters some enticing deals but suddenly - quelle surprise - not! - they stopped paying out. And then something very surprising happened, hundreds of investors from all round China identified where the boss was staying and they flew in, mobbed the hotel and carried out what we would call a citizens' arrest, handing the rascal over to the police - who released him later, so who did he know? . Even so, to quote my heading, 'that's what I call people power' and if I was President Xi Jinping I would be exceedingly worried. If, as seems probable, the Chinese economy is tanking then it might be a case of ' first they came for the bankers, then they came for the apparatchiks'!
Story on Zero Hedge but the site is not responding probably due to the number of visitors trying to find out what's going on with the markets!