While our own markets made ungodly lifetime highs day after day, the also-propped-up-by-the-government Chinese stock market isn’t having quite the same success.

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Indeed, the FXI peaked in February 2021 and is down over 50% (!!!!!!!!!) from that level. Putting it another way, the FXI is the same price now as it was in 2007. And remember, that’s with unlimited government support and direct purchases by the government of ETFs!

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Maybe the rule of law actually matters to business success after all.

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