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Geithner: China's Not Manipulating Currency

You have to make something that that people wants to buy first

China's 'Problem': Too Much Money

I think what Jeff is trying to point out is that the "potential bubble" is built on hard cash not debt (it may be the bank's depositor's cash or the states, but with @70% deposit to loan ration). If you lose a 100% of your investment but not in debt is a big difference in a country's ability to come back.