Yes, our share markets are reacting to goings on in China: the decline of her stock market; the devaluation of the yuan. But if I hear one more absolutely sanctimonious western financial commentator try to blame China for our current economic woe, I’ll explode! I must have seen four or five of them today!
It’s our impossible level of debt, guys! You can’t blame China for that! Yes, China has her own massive real estate-based debt, too.
But each of the world’s nations has set itself up nicely for a collapse of her own land and share markets. China didn’t twist our arms to pay these ridiculously high prices for our real estate, and send all our asset prices up to nosebleed heights. Get real and put the blame where it properly lies – with us!
China, of course, may well be the catalyst for our “correction”.