The China Opportunity Master Fund, minimum entrance fee $1,000,000, has been established by US entrepreneurs (that’s a polite word for them) to try and generate a crisis of confidence – not in Portugal, Spain, Greece, Italy or Ireland, but in China’s economy.
The fund is the invention of Corriente Advisors, a Texas hedge fund that made its fortune hedging its bets on the debts, foreign exchange currency gambles and subsequent crisis of the US slump, and also the European debt crisis.
In other words, Corriente thrives on speculation, currency and debt manipulation, hoping to create a crisis and hence reap vast profits by being one step ahead of the collapse. This is capitalism betting on its own demise, the trick being the one company to survive the bloodbath of your peer group.
Corriente is now creating a propaganda myth machine to attack the Chinese economy, hoping to generate the same crisis of confidence as that which hit EU states and currencies. The idea is to bring the Chinese economy – in Corriente’s words, in the ”late stages of an enormous credit bubble” and an “enormous tail-risk” – to its knees.
So an economy of over 1 billion people is the target of these speculators who live by gambling on debt, manipulation of government bonds and speculation on currencies, aptly described as “disaster capitalism”.