With the recent revelation that minions of the Chinese politburo have stashed away upwards of 6 trillion USD in Cayman bank accounts isn't it fitting that the nation now seems on the verge of meltdown. Seems like the Chinese economic miracle was nothing more than a carbon copy of the American playbook, lend out trillions of dollars and then never get the money back. In the case of China , however, this grew to a ridiculous total of 23 trillion USD! Basically a sh@t storm is about to unfold and obviously this will engulf Hong Kong and it's property market amongst other things. It's obvious now that this bubble has been blown beyond a reasonable size for far too long and what it reveals is that it was in no way related to economic strength but by an obsessive creation of fake credit by Chinese banks. They loaned out money to corrupt officials who then trotted along to buy Kowloon station properties with cash. In short we have been witness to a spectacle of the most corrupt and fraudulent kind. This is the equal of the sub prime crisis in the US, there the banks were at fault, I would say the Chinese will lay blame with the casino houses too.
The $23 Trillion Credit Bubble In China Is Starting To Collapse ? Global Financial Crisis Next?