IF ONLY THE SLOWDOWN WERE A GHOST

If there's anyone left on the planet who doesn't know about the Chinese slowdown, he's probably a member of some obscure troglodyte sect.

If there's anyone who doesn't realize by now the China situation affects other economies specifically like Australia and Emerging Markets and the overall global picture generally, he's probably the leader of that obscure sect.

If there's a story more discounted in the market than China's economic woes, it might be the energy glut. But that's debatable.

Boo birds usually draw the most rancor. But few Hip-hip hurray birds come under fire at all. The latest  market hand wringing session is little more than a few weeks old and one Federal Reserve member, John Williams, head of the San Francisco Fed, is ready to roll out QE4.

One wonders if he's a regular reader of the Financial Times' Martin Wolf and Wolf's constant calling for "well crafted" reforms. A skeptic might rightfully ask, if the plans were well-crafted to begin with by these prescient economic planners who populate bureaucratic attics like the IMF, why do they need to be reformed?

The short answer that Wolf and his anti-Berlin ilk never want to hear is: They were never followed or enforced.

Even the well-heeled, if one can believe the headlines, "Global luxury brands feel the effect of slowdown in demand from Asia," are apparently noting the bite.

What many hand wringers miss here is the China story is not a new one. It's an old one. During all the boom years few suspected, as is human nature, that someday it would end. Excuses get made. Troubling spots over looked. It's different this time becomes what it always is, a trite popular mantra pushed by MSM.

Back in the dot-com bubble days near the end high tech firms were lending money to their vendors who then lent it to their buyers so they could purchase the high tech firm's products. Sounds like building ghost cities just to be doing something.

The real concern here is not that this slowdown will become protracted. Not at all. Anything is possible. The real concern is the fear of such will give central bankers more jockeying room to screw things up even more.