It continues.

The Daily Telegraph’s Ambrose Evans-Pritchard, whose analyses I generally appreciate, as reported in China ‘spiralling out of control’ in THE AGE today, fails to note the incredible irony in his final paragraph:

“The authorities have clearly shown that they have no intention of addressing leverage problems,” Jonathan Anderson from Emerging Advisors Group in Shanghai said. “Our new base case is that the Chinese government will simply let the debt party go on until it collapses under its own weight.”

Yeah, I guess we’re allowed to say that about China.  Now, how about the USA, the UK, Japan, Australia …..?  Hypocrisy, perhaps?