This situation is grist for a huge political purge of society.
This sounds like the USA.
“government enabled near-infinite moral hazard which then fueled an explosion of debt-funded speculation with essentially zero connection to real-world risks, sales, return on capital, etc.”
There would have been no construction industry for years if it were not for Fannie and Freddie buying all the mortgages in the USA. And all their debt is “Off the Books.”
“Either pop the bubble when you still have some control over it or let it expand and pop when you’ve lost all control.”
It’s coming soon for everyone. The stormy weather is fast approaching the entire world.
Why do these buffoons always want to downplay China is communist.
Some Chinese companies like to forget about shareholders, so many Chinese like real estate more than stocks.
another present to China from Joe!
25 Sept: news.com.au: Huawei boss Meng Wanzhou flies to China after deal with US, ‘Two Michaels’ freed by Beijing
Meng Wanzhou, the daughter of billionaire Huawei founder Meng Wanzhou, has returned to China, three years after her arrest in Canada
by Andrew Backhouse
Huawei executive Meng Wanzhou was freed Friday following an agreement with the US Justice Department to suspend the fraud charges against her that had poisoned Beijing’s relations with Washington and Ottawa...
The US had accused her of fraud against HSBC bank and wire fraud, saying she tried to hide violations of US sanctions on Iran by Huawei affiliate Skycom...
But on Friday, US prosecutors settled for Ms Meng agreeing to a statement of facts in the case.
In exchange, they agreed to defer the charges — which carried the risk of up to 30 years in prison — until December 1, 2022, and then drop them if Ms Meng abides by the terms of the agreement.
“In entering into the deferred prosecution agreement, (Ms) Meng has taken responsibility for her principal role in perpetrating a scheme to defraud a global financial institution,” acting US Attorney Nicole Boeckmann said in a statement.
“(Ms) Meng’s admissions are evidence of a consistent pattern of deception to violate US law,” said FBI Assistant Director Alan Kohler...
Australia has also been involved in a major dispute with Huawei.
https://www.news.com.au/finance/business/huawei-boss-meng-wanzhou-freed-in-major-deal-with-us-flies-home-to-china/news-story/b833c609c3b90e46b3d660e47c8c32e3
25 Aug 2020 updated 8 Sept 2020: Global News: Inside the Chinese military attack on Nortel
By Sam Cooper
In 2004 Nortel cyber-security advisor Brian Shields investigated a serious breach in the telecom giant’s network. At the time Nortel’s fibre optics equipment was the world’s envy, with 70 per cent of all internet traffic running on Canadian technology.
And someone wanted Nortel’s secrets...
So the systematic hacking continued, Shields says. And as a result, Shields says, in 2009 — after getting massively underbid on a series of contracts by China’s state-champion company Huawei — Nortel went bankrupt...
Another fact that seems more than coincidental, Shields says, is that Huawei was founded in 1987 by former PLA engineer Ren Zhengfei. And the Chinese Communist Party’s five-year plan for 1986 to 1990 was to “speed up the construction of the energy, communications, telecommunications and raw materials industries.”...
https://globalnews.ca/news/7275588/inside-the-chinese-military-attack-on-nortel/
What is happening now is typical of the Chinese hard liners.
Stop trying to overthink it, it’s communism and Democrats want to bring that here and have been pretty successful since late 2019. They will deny it (or blame Trump) but the people Biden flew here without checking them first are causing serious damage. I saw an article about that, “‘Vetting Failure’: Male Afghan Refugees Allegedly Assault Female Soldier at Ft. Bliss”, and you can give that a look at Breitbart. They also weren’t checked for disease and caused outbreaks of Tuberculosis and Measles, among other things. What today is fast becoming normal here in America was completely unthinkable just 2 years ago.
Fascism. Textbook definition.
WRONG! the CCP is COMMUNIST!