China Enjoys Ben-Carry Trade Thanks to Bernanke
By William Pesek Oct. 5 (Bloomberg) -- Investors in China aren't making money this week. The reason: Stock markets are closed. That's how easy it has become to ride China's stock boom; if the market is open, you can make money. It has long been known mainland shares are driven more by momentum than fundamentals -- more Ponzi scheme than market. With each passing day, though, things are becoming frothier and more surreal. Macau can't be happy. The island's proliferating casino business had designs on tapping a 1.3 billion-person market of gambling enthusiasts. These days, the real action isn't at Macau's baccarat tables, but in Shanghai and Shenzhen. What's happening in China is a transformation event. Rarely before, if ever, have investors been able to make so much money so quickly with so little knowledge of what they are buying. It's too late to call Chinese stocks a bubble, when Asia's No. 2 economy is experiencing a bubble in bubbles -- stock...