Friday, February 20, 2015
On the Fact that China Has Constructed Tens of MILLIONS of Expensive Homes and Apartments (Not to Mention, Shopping Plazas) that the Average Chinese Citizen Will Never Be Able to Afford, with the End-Result Literally Being Scores and Scores of Ghost-Cities
This is a) quite conceivably the biggest bubble in the history of human civilization (and trust me, when this sucker bursts you had better run for cover) and b) a pitch-perfect example of why a command economy is something to be avoided (the staggering level of malinvestment, waste, etc.) - big time.
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2 comments:
Good ol socialism, wrong in so many ways.
And those GDP growth figures are very deceptive (the fact that a lot of it is public sector spending, etc.). The way that I see it, China is soon going to tank the way that Japan did in the '90s and how they respond to it will tell us just how dedicated to reform that they truly are.
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