Friday, September 02, 2005

Chinese cookie crumbling?

Peter Brimelow: Chinese cookie crumbling?
"None to date have had a return on capital above its cost. Even more wonderful, they actually believe they know the true balance sheets of the banks they are buying. 1,500 years ago, the Chinese not only invented accounting, they then invented quadruple accounting; a true set for limited internal use, another for the government, one for the investors and then one for their wives."