via Forbes
China is suffering a real estate, banking and industrial bubble that will make the 2009 crash look like a New Year's Eve party.
Its past time to shake off your normalcy bias. When China catches a cold...and it will....the rest of the world ends up with bird flu.
Major Hat Tip to Modern Survival Blog for the links!
On Friday, Chinese state media reported that China Credit Trust Co. warned investors that they may not be repaid when one of its wealth management products matures on January 31, the first day of the Year of the Horse. The Industrial and Commercial Bank of China sold the China Credit Trust product to its customers in inland Shanxi province. This bank, the world’s largest by assets, on Thursday suggested it will not compensate investors, stating in a phone interview with Reuters that “a situation completely does not exist in which ICBC will assume the main responsibility.”This is the tip of the iceberg when it comes to the bubble that is economic globalization.
China is suffering a real estate, banking and industrial bubble that will make the 2009 crash look like a New Year's Eve party.
Its past time to shake off your normalcy bias. When China catches a cold...and it will....the rest of the world ends up with bird flu.
Major Hat Tip to Modern Survival Blog for the links!
