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The track-record on industrial policy is distinctly mixed, but this coming from China, we’re not laughing, somehow..

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More mist, fog, obfuscation and an inability to decide which party is closer to the truth. We’ve often said that financial markets tend to suffer from information asymmetries. Look no further than this space for conformation of that. In the meantime, those sidelines indeed look comfortable..

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Well…

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What are the consequences and alternatives?

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China subsides production, Europe subsidizes consumption. Who will be smarter? China gains markets and economies of scale and learning selling expensive panels elsewhere (helped by foreign subsidies) before plunging themselves when efficiency improvements make it cheap enough..

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Smoke and mirrors from all sides…

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China’s doing something smart, learning from past mistakes (and those of others..)

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Thorny problem. So many opportunities, so much danger lurking..

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The biggest risk to the world economy at the moment..

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A murky situation getting much murkier when there are unscrupulous people on both side. This is as clear an example as any of the problems markets have when information is asymmetrically distributed and unscrupulous people trying to make a buck profiting from it (or the deliberately created ilusion of it).

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