News has surfaced about the huge short position a Chinese government commodity trader has made on the copper future's market. The vultures in London are all over this and are driving up the copper price. As reported in Financial Times today, the loss on these short positions now amounts to over $100M.
This follows a similar debacle earlier this year when a Chinese SOE oil trader incurred huge loss by shorting crude oil future.
I have checked the Chinese news websites. I saw scant report on this event. If this happens in the US, the news media will be all over it. An investigation will immediately follow, and report the results to the public. But that is not going to happen in China.
I am so disgusted by the corruption and lack of accountability and transparency in China's political system. A reform is way over-due. I am NOT advocating China to move to a western political system, as that may not be suitable for China. But a basic element of check and balance in the system is woefully needed.
President Hu, it is time for political reform.
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