Most people are blissfully ignorant of the fact that 2007-8 was just a mild rehearsal of what we soon are going to experience. The additional $60 trillion in credit and printed money since then and the lowering of interest rates to zero have given the world the impression that all is now well again.

Let me be very clear, nothing is well. As a matter of fact in the 8 years since the start of the Great Financial Crisis the bubble economy has now properly spread to the world’s second largest economy – China.  China has had exponential growth in debt from $2 trillion to $28T this century. A major part of this debt has financed white elephant projects and ghost cities. It would be surprising if the total Chinese bad debts were below $10 trillion before all of this is finished……continue reading HERE