Tuesday, July 6, 2010

May You Live in Interesting Times

The fake Chinese blessing/curse comes to mind reading Maurizio d'Orlando's analysis of "a sign that a new, worldwide wave of insolvency is just around the corner" — Chinese banks recapitalise as China follows in the footsteps of Greece. "If war should break out in the Persian Gulf or if BP goes bust, we could be in for a financial upheaval."

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Blogger Procopius said...

Indeed the Chinese banking system remains a major Achilles heel to the Chinese economy. However, I'm somewhat skeptical that the proportion of governmental relative to the productive portion of the economy approaches Greek or Belgian levels.

11:45 PM  

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Omnes Sancti et Sanctæ Coreæ, orate pro nobis.