China Continues To Pile Debt On Top Of More Debt
China is not different than most other countries in the world.
After an extended period of runaway debt, the country tried to reign it in. This idea was given up on and not the debt truck is being backed up.
Many applaud the growth rate of the country that now sports the second largest economy. The challenge is that it was mostly done via debt. Even compared to the United States, the debt load of China looks outrageous.
This is going to come back and haunt the global economy. It became accustomed to China providing a large portion of the growth. Due to the slowdown the last couple years, the debt spigot is turned on.
We know how this is going to end.
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A thing with china is that alot of them are kinda really fucked up. A lot of bad stuff went down under mao and it seemed to sorta breed out compassion in people. There's lots of cultural issues in china that would be best kept within their own borders and not embrace by the fact of their economic growth. Chinese leadership really wanna be a superpower to rival the west and theyll be ruthless to achieve it. Like most countries were.
The nature of debt in China does not match the same in the west.
So 1 usd worth of debt (or better 1% of GDP in debt) is quite a different. Essentially you cant predict the consequences of indebtness in Chine by the same model as in the west.
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