Monday, 17 June 2013

Broken China

Ambrose turns his basilisk gaze to China in his latest Telegraph column, and what wondrous gloomy reading it makes. Not all his readers are happy that his focus has shifted from Europe, though;
China China China... I am sick of these doom and gloom stories about China. I want to hear some good news... like that Deutsche Bank is not broke, or that Credit Agricole is not a zombie that needs a bailout, or that there aren't 470 billion euros of construction loans sitting on the books of the Spanish banks... enough bad debt to sink the entire euro zone, and all from one misguided property boom.
 Meanwhile Boy George thinks that property booms are quite useful tools for bribing the electorate and his doing his best to stoke the UK furnace

Another commentator notes that since Chinese lenders and borrowers both are the same State there is no crisis; it's taking money from one pocket and putting it in the other. Whereas (after bailouts and nationalisations) British lenders and borrowers are ...oh, I see what they've done there


Barnacle Bill said...

Well you can be assured that when it does all go breasts up in China that Chinese bank managers won't be escaping to enjoy a golden retirement.
Instead their family will be having a whiparound for the cost of the bullet!

Anonymous said...

We are all skating on some very thin ice and George keeps on borrowing, one day it's all going to crack, whither then the current takes us - is anyone's guess.
But it won't wash us up on the shores of some sunlit green Utopia, that's for sure.

Dave said...

Obviously the Global Warming scam isn't having the desired effect therefore more extreme methods are being levered into place to destroy this country.
I mean, what other reason can there be for such stupidity?