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"China is a kleptocracy of a scale never seen before in human history," writes John Hempton,...

"China is a kleptocracy of a scale never seen before in human history," writes John Hempton, fueled by rapid growth from moving peasants to factories and astoundingly high negative real interest rates. Amazingly, low inflation could be the trigger to end it, as this would force corrupt state-owned businesses to borrow at positive real rates - a scenario they cannot withstand.
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Comments (3)
  • tunaman4u2
    , contributor
    Comments (3412) | Send Message
     
    The US giving 700k mortgages to people that work at MCD is a saint
    11 Jun 2012, 12:12 PM Reply Like
  • kmi
    , contributor
    Comments (4527) | Send Message
     
    Dantis caveat.

     

    ("Lender, beware.")
    11 Jun 2012, 12:15 PM Reply Like
  • Uncle Pie
    , contributor
    Comments (3806) | Send Message
     
    How about Professor Bernanke's zero interest rate financial repression? A gigantic transfer of wealth from savers and pensioners to borrowers like governments, hedge funds and LBO funds, on a scale unprecedented in history. That's not kleptocracy?
    11 Jun 2012, 03:35 PM Reply Like
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