And surprisingly, this Chinese stimulus package does not involve Rhino Penises or ground up Tiger Testicles.
SHANGHAI, Nov. 9 — China on Sunday night announced an aggressive $586 billion economic stimulus package, the largest in the country’s history, at a time when it is struggling with increasing social unrest due to factory closings and rising unemployment.
In a wide-ranging plan that economists are comparing to the New Deal, the government said it would ease credit restrictions, expand social welfare services and launch an infrastructure spending program that would include the construction of new railways, roads and airports.
Did we learn this from them, or them from us? As my coblogger S6R noted, this amounts to roughly one McMuffin for each Chinese citizen.
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Yeah, if I were Chinese, I’d be sweating a stimulus package after that last one that they called the “Great Leap Forward” when they stimulated the economy by starving a couple of million of Chinese. When they can’t increase supply, they decrease the demand.