Bill Bonner of the Daily Reckoning has for long had a bone to pick with Thomas Friedman of the New York Times. It all first started with legendary short seller James Chanos calling China “Dubai times 1,000 – or worse.” To which Thomas Friedman wrote that James Chanos should be careful about trying to “short a country that has $2 trillion in cash” in this article titled “Is China the next Enron?”
Thomas Friedman & Bill Bonner
In his article, The Long and Short of China, Bonner goes hammer and tongs at Thomas Friedman saying…
Oh happy days are here again. Obama is going to get our money back from the banks. Jeffrey Sachs is telling Haiti how it can get its economy back in order (with other people’s money, naturally). And Thomas Friedman is offering investment advice.
This should be fun. We’re all on the bus…and it’s driven by the blind, the deaf and the very dumb. Oh, sorry, we meant the visually impaired…the hearing impaired…and the mentally deficient.
Friedman is, as we all know, full of advice on just about everything. He advises finance ministers on how to soup-up their economies. He advises the Arab world on how to update its religious institutions. He advises whole nations on how to improve the future before it happens.
And here he is now counseling Mr. James Chanos, noted short seller, on how to make money
Big egos are at play here. But its not to discount the value of the words being spoken here. Bill Bonner, Thomas Friedman and James Chanos are all good at what they do. They have built up a career full of backing their claims with the work they have done.
Last word on whether China is a bubble or not is yet to be spoken. Meanwhile, Thomas Friedman finds another supporter in Keith Fitz-Gerald of Money Morning.