I wrote about shadow banking cracks in China before, so I will keep this entry short.
While Japan (and to a lesser extent the U.S. and Europe) has a giant public debt problem, China has a nasty shadow banking problem that won't go away, expect more bad news in 2014 and beyond on this...
"There is an unresolved self-contradiction in China's current policies: restarting the furnaces also reignites exponential debt growth, which cannot be sustained for much longer than a couple of years."
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