Ian I seriously do not have a clue why you are saying I am wrong, when the things we are BOTH saying is what has happened? Maybe my writing is bad, so you cannot understand???
I agree the moment you hear about 100% mortgages you run for the hills. You also run for the hills when you hear the worlds tallest skyscraper is coming, that is also another indicator of economic collapse.
The Chinese DO have savings (obviously) or else there would have been no money for people to BORROW!!!
Money SHOULD be borrowed for investment, but it was borrowed to CONSUME.
The domestic savings rate in China was around 20%. In the UK and US it was -2%!!!! How can the Chinese not have any savings?
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