Regarding Evergrande, if someone says “Lehman moment,” stop listening (unless there’s a “not a” preceding it). If they say “contagion” and tell American finance stories, stop listening. If they say “counter-party risk,” stop listening. The concepts don’t apply, because the Chinese financial system is largely not commercial. It’s largely a government arm.

Government interference in finance is increasing, which is the true risk, though not for the short-term.