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

|By:, SA News Editor

"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.