{"id":10999,"date":"2015-08-14T07:28:27","date_gmt":"2015-08-14T12:28:27","guid":{"rendered":"http:\/\/olduvai.ca\/?p=10999"},"modified":"2015-08-14T07:28:27","modified_gmt":"2015-08-14T12:28:27","slug":"the-great-china-ponzi-an-economic-and-financial-trainwreck-which-will-rattle-the-world","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=10999","title":{"rendered":"The Great China Ponzi\u2014-An Economic And Financial Trainwreck Which Will Rattle The World"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/the-great-china-ponzi-an-economic-and-financial-trainwreck-which-will-rattle-the-world\/\" target=\"_blank\">The Great China Ponzi\u2014-An Economic And Financial Trainwreck Which Will Rattle The World<\/a><\/h3>\n<p>There is an economic and financial\u00a0trainwreck rumbling through the world economy. Namely,\u00a0the Great China Ponzi. In all of economic history there\u00a0has never been anything like it. It is only a matter of time before it ends in a spectacular collapse,\u00a0leaving the global financial bubble of the last two decades in shambles.<\/p>\n<p>But\u00a0here\u2019s the Wall Street meme that is\u00a0stupendously wrong and that\u00a0engenders blind complacency\u00a0with respect to\u00a0the\u00a0impending upheaval. To wit, the\u00a0same folks who brought you the myth of the BRICs miracle would now\u00a0have you believe that China is undergoing\u00a0a difficult but doable\u00a0<em><strong>transition\u2014\u2014-<\/strong><\/em>from an economy driven by booming\u00a0exports and monumental\u00a0fixed asset investment to one based on steady as she goes\u00a0US-style consumption and services.<\/p>\n<p>There may well be some bumps and grinds along the way, we are cautioned, such as the recent stock market and currency turmoil. But do not be troubled\u2014\u2013the great\u00a0locomotive of the world economy will come out the other side better and stronger.\u00a0That\u2019s because\u00a0the wise, pragmatic and powerful\u00a0leaders and economic managers who\u00a0deftly guide China\u2019s version of capitalism have the capacity to make it all happen.<\/p>\n<p><em><strong>No they don\u2019t!<\/strong><\/em><\/p>\n<p>China is not a clone-in-the-making of\u00a0America\u2019s $18 trillion consume till you drop economy\u2014-even if that model were\u00a0stable and sustainable, which it is not.\u00a0 China is actually sui generis\u2014\u2013a historical freak\u00a0accident that has no destination other than a crash landing.<\/p>\n<p>It\u2019s leaders are neither wise nor deft economic managers. In fact, they are a bunch of communist party political hacks who have an iron grip on state power because China is\u00a0a crude\u00a0dictatorship. But their grasp of the fundamentals of economic law and sound finance\u00a0can not even be described as\u00a0negligible; it\u2019s non-existent.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Great China Ponzi\u2014-An Economic And Financial Trainwreck Which Will Rattle The World There is an economic and financial\u00a0trainwreck rumbling through the world economy. Namely,\u00a0the Great China Ponzi. In all of economic history there\u00a0has never been anything like it. It is only a matter of time before it ends in a spectacular collapse,\u00a0leaving the global [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1860,1806,130,5979,2120,2942,860],"class_list":["post-10999","post","type-post","status-publish","format-standard","hentry","category-economics","tag-brics","tag-bubble","tag-china","tag-contracorner","tag-david-stockman","tag-ponzi","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10999"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10999\/revisions"}],"predecessor-version":[{"id":11000,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/10999\/revisions\/11000"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}