The smell of greed

From Socialist Worker 321, November 24, 1999


You could smell the greed behind the trade deals in the wake of the US/China trade deal.

A company called China Prosperity International -- a company that does renovations in China -- had its shares valued at $1 on Monday, November 15.

The next day, it saw 521,100 shares change hands -- more than it had traded in the previous twelve months. The value of its shares went from $1 to $11.06.

The next day, total volume was 4.4 million, and share values soared to as high as $80, before settling at $32.

Dransfield China Paper Corp. saw its share values go from 47 cents on the Monday to $29 on Wednesday, before closing at $11.

China.com had shares worth $20 in July. November 13, that had risen to $58. Last Wednesday, that price had soared to $137, before settling at $137.

Wonderful system, capitalism.

When news gets out that millions of farmers in the world's most populous country will be driven off the land, that a massive pool of cheap, desperate labour will be made even more desperate, and therefore even cheaper -- why it's a good day to trade shares and make millions.

Bad news for the desperately poor -- good news for the obscenely rich.




From Socialist Worker 321, November 24, 1999