A fool and his money, Chinese edition

If you think Americans are the only people who engage in conspicuous consumption, dig this:

Fancy a diamond-encrusted cellphone for $3.5 million, or a gold-plated, musical Swiss watch costing more than $2 million?

Those luxuries, and thousands like them, were on display at a weekend Millionaire Fair in Shanghai, a lavish exhibition targeting the ranks of newly rich created by China's economic boom and a stock market bull run.

The gold-plated Swiss watch I suppose I can understand, but why the hell would you want a diamond-encrusted cell phone? Carrying something like that around with you is like wearing a t-shirt with "Mug me," printed on it.

Hundreds of wealthy Chinese -- many of them dressed casually in sportswear or slippers, and indistinguishable from pedestrians on the streets outside -- crowded the exhibition hall, looking for ways to spend their money.

"The rich people here are still learning about global brands. We're helping them to understand the lifestyle and how to live it," said David Zhong, one of the organizers of the exhibition.

Nice work, if you can get it, telling wealthy suckers that they should buy ridiculous bejeweled geegaws.

Concerned by social tensions caused by the widening gap between rich and poor, Chinese leaders are promising more policies to reduce income inequalities. Higher import duties were imposed this year on luxury goods from cosmetics to golf clubs.

Hey, what kind of commie crap is that? Oh, right.

Read the whole thing, especially if you want a taste of some delicious irony about the building where the exhibition is being held.