THE CHINA SYNDROME: China cuts reserve requirement ratio for fifth time since Feb. 2015.

China is drowning in cheap money, bad loans, and industrial overcapacity. And contrary to claims by Donald Trump and others, the country’s central bank is burning through its foreign reserves in an attempt to prop up the yuan and avoid a balance-of-payments crisis.

“Socialism with Chinese characteristics” looks an awful lot like any other crony-based system right before the bottom drops out.