Instead of a global recovery, a sudden, broad slowdown – with a plunge in China.
These new trade pacts contain little related to trade. So what are they really about?
The slowing economy is only part of the reason.
China’s vast shale gas reserves may never get developed because of one major obstacle: water.
Even the comrades in Beijing know that China’s credit tsunami has unleashed a dangerous speculative mania that has no parallel in human history.
In China’s debt-fired economy, lenders are going to take the heat.
As the world’s biggest net importer of crude, China is in a vulnerable position: utterly dependent on oil imports, at a time when its economy is beginning to wobble.
A sign of how serious the problem has become.
It’s so bad a trusty Communist Party newspaper exhorts the people to buy homes in a ghost city because there’s “no downside for home prices.”
Transferring bad debt from local governments to the central government does not address the cost of resolving the bad debt. Because bad debt doesn’t just disappear.