[Miami Rebel]

You’re certainly correct, but unlike China we don’t have state-run banks funding the construction of ghost cities.

(Look up Pudong, Shenyang State Guest Mansions, Tianducheng.)

[Worldtraveler once upon a time]

--- "...unlike China we don't have state-run banks funding the construction of ghost cities."

Seen the REITs problems in SF and most recently a multi-hundred million dollar building sold for 8% of its former "valuation?" Courtesy of governments -- plural -- we're all in quite a similar boat. And Madame Yellen has talked about 50+ trillion in public debt not being so bad....