Beware a Wounded Dragon

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There are increasing reports from credible sources that the Chinese economic miracle may be collapsing. This has enormous implications for the rest of the planet. To some, this may be simply a natural transition as the Chinese economy matures, as suggested in a report from Financial Times.

To others, this is the collapsing of a debt-induced bubble, the failure illustrated by an actual Ponzi scheme that recently unraveled. While not everyone agrees China is in trouble, there is increasing concern that things are getting out of control. Capital flows out of China have gotten substantially worse as those with money are attempting to get it out of China as quickly as they can. Continue reading