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Friday, 29 March 2013
At This Moment: Chinese Banks Are Being Hammered, Real Estate in the Ultimate Crony Capitalist State is Ugly | AgainstCronyCapitalism.org
You cannot even imagine how highly levered these Chinese banks and real estate developers are:think Japan 1980's, then double or triple your values. Japan didn't even build "ghost cities" to sustain their facade, but their multiple skyscraper- design proposals also got ridiculous rocketing for the moon. Similarities are apparent, although China is far from being comparable in terms of accounting, legal, audit and related regulatory standards. Risks are thus much greater.
The Chinese are also capitalist neophytes associating with all forms of thespians practising nepotism. Imagine.Terrible! And no doubt suffer from the same old bubble syndrome " this time it's different ". It isn't. Never is, as most market bubble economies have, sooner or later, paid dearly for their excesses.
So as they say, "the rest as is history." Or will be.
First Financial Insights
March 29, 2013
Wizards of Leveraged Bubbles
"Neophytes, Thespians and Nepotism - Could you Imagine?"
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