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I was in Galleries Lafayette on the weekend, a belle epoque shopping mall in central Paris, and couldn’t believe the frenzy to get into and buy high-end luxury goods like Luis Vuitton, Dior, Chanel, by Chinese tourists.
I thought South Africa was a high time-preference country, but based on what I saw there, we have nothing on the Chinese.
I wrote about it and uploaded a short video I took of the madness at the Mises SA blog. Read it here.