The Bubble Economics of Crime

Every society has a certain percentage of people with a decided preference for theft over work.

In previous years in China this meant stealing bicycles (warm-up) or small-time government official extortion (graduate work) – “blue-collar crime” as it were.

An intriguing side benefit of all the money printing has been a decided shift in focus to white-collar crime. Bicycles and umbrellas are now safe! With real estate-related income contributing over 50% of the total annual loot, even the tax office is noticeably less voracious. After all, why bother with petty crime when legal theft is far more lucrative?

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