Singapore, which I'm visiting at the moment, opens your mind to the highly improbable. Rich, ethnically diverse, cheerfully efficient, globalized in the extreme, it's a man-made economic miracle -- astonishing proof of what market forces combined with superb top-down direction can achieve.
Even in Singapore, though, there are limits to what you can believe. I struggle to imagine, for instance, that China's stock market isn't a bubble.
Read Full Article »