I fully agree with Air Profit. There will be no growth, I believe even Cathay realise that we are sleep walking into another economic blackhole, not that we ever left the last one in 2008. Debt has been thrown on top of debt and as we all know, or should do by now, this can only end one way. This will not be conducive for growth by any stretch of the imagination.
All the noise coming out of Europe is just that, noise! Banks lent irresponsibly to weak European nations and now they're suffering. Meanwhile they are being bailed out by those same European tax payers that got shafted, they call this crony-capitalism for good reason.
China is being hailed as the saviour, surely it can come to the rescue, however, as Air Profit said, China is up sh@t creek without a paddle. They themselves went on a spending binge in 2009, giving all and sundry loans which have pretty much been wasted on speculative property bets in Hong Kong. Now you know why this dump of a place we live in is so damn expensive! Most of these loans are non performing, hence we have just seen one of the biggest bank bailouts in China, almost as big as in the US. Do you really think China could give a damn about Europe and the EFSF? Not to mention US bonds which China now realizes is like holding dynamite. When the Fed becomes the buyer of last resort China doesn't want to be holding their worthless debt, believe you me. Not withstanding this, we know how this region is built upon face saving and on this theme the Chinese GDP figures are grossly exaggerated. When you factor in their worthless US debt holdings you can see China is sitting on a time bomb and cannot and will not rescue anyone.
I know this from reading stuff like this below, it's about time we had a dose of reality around here...
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