this post was submitted on 30 Jun 2025
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There was growing wealth inequality, while at the same time all boats were rising. But now wealth inequality is shrinking, and all boats are still rising.
Well 4 years ago it was shrinking. How about post-COVID?
Maybe there’s hard data for that somewhere—I dunno—but since COVID, the Chinese state intentionally popped their housing construction bubble and made the capitalists take the hit.
They didn’t intentionally pop this bubble. It popped and they have done everything in their power to limit the damage. China might not be forthright about their policies but they do seem to be interested in preventing social collapse.
Do you think we pull these things out of our butts?
No, I am saying the crash of Evergrande was in no way a planned or negotiated event. Everyone knew there was trouble but no one “popped” it intentionally.
Three red lines was introduced in Aug. 2020. The collapse started in Sept. 2021. It was a centrally planned, managed collapse, with the intent of making the capitalists take the hit instead of the working class. It was very unlike the 2008 one in the US, where no orthodox economist saw it coming, and the government was caught with its pants down, and it ratfucked working class homeowners to save the private banks, who had written bad mortgages that they knew couldn’t be paid.