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Bellingham Bill
2014 Jul 16, 10:41am
What gets me is the 10 best places in the world to live have the highest consumer debt leveraging.
"Call someplace paradise is kissin' it goodbye" I guess.
everything
2014 Jul 16, 10:51am
They are just joining in the fun, everybody else is doing it. They are finally figuring out that debt is the better solution.
Bellingham Bill
2014 Jul 16, 10:51am
To understand China's debt you have to understand China's monetary expansion rate:
AFAIK the central bank is still requiring China Inc. to cash in their trade dollars they get from us for newly printed yuan.
I don't pretend to understand what's going on there. A BILLION more people than the US is just mind-boggling.
If China had 50 states of equal population, EACH state would have the population of Texas, the #2 state here.
Their population is equal to 100 Los Angeleses.
And China has only 12% arable land, compared to 18% for the US, with 1/5 of it polluted apparently.
indigenous
2014 Jul 16, 3:56pm
The debt in China is not private debt it is public debt in order to build empty cities, so that apparatchik gets his bonus.
http://www.bloomberg.com/news/2014-07-16/china-finds-debt-addiction-hard-to-break-in-growth-quest.html
“While the government has indeed made progress in some areas, the root-and-branch reform proposals for China's growth model are at best a work in progress, and more likely, rhetoric,” George Magnus, a senior independent economic adviser to UBS AG in London, said in an e-mail. “The economy continues to be driven by credit-fueled investment spending and rising levels of debt.”
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Looks to me like the depression will be in China.
I don't give them 3 yrs.