Shut Up Already

Quoting from an article in WSJ regarding Beijing authority's decision to freeze bank lending till end of the year (at least):

"Instead of trying to target lending levels, economists say China could try to damp credit expansion by pushing up interest rates and letting the yuan appreciate against the U.S. dollar, since both adjustments would make borrowers and lenders think twice before committing to projects. U.S. officials, including Treasury Secretary Henry Paulson, regularly deliver such a message, saying a more market-oriented financial system is in Beijing's own interests."

I think, why not leave China alone? Hasn't China already upped interest rates and still see haphazard growth in the markets that could be potentially unsustainable?

Haven't we seen that by letting you free capitalist give out loans to anybody and everybody finally take its toll in your recent and ONGOING crash of the mortgage lending market?

Do you want them to up interest rates so high as to have the same effect and let the yuan appreciate? Do you even know what are the consequences? The long-term lost in market share in exporting industries? Did you know that sucks?

Chinese do things differently for fuck sake. Please THINK before giving your usual free-market-and-monetary-policy-are-the-shit commentary. It's too predictable, amateurish and textbook-ish. But most dangerously, it can be misleading.