Buckets of crocodile tears were shed this week, not to mention the eruption of schadenfreude that was felt at the collapse of iron ore wannabe Western Desert Resources, and especially the possible losses racked up by rich lister shareholders Bruce Mathieson and Scott Perrin and high-profile businessmen Rick Allert and Roger Corbett.

The iron ore price plunge -- from US$130 a tonne in late 2013 to US$83.20 overnight Tuesday -- is not a reflection of a fading China, weak demand or anything to do with the buy side. It's all to do with the deliberate strategy of BHP Billiton, Rio Tinto and Fortescue Metals Group in Australia (and remember Fortescue is still controlled by Mr Charity himself, Andrew "Twiggy" Forrest), and their great Brazilian rival, Vale. These companies have added tens of millions of tonnes of iron ore per month to the global seaborne trade, helping depress prices at a time when they were already weak.