Bubble, Bubble, Toil and Trouble?
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  • Kansas Scott

    I saw the same empty apartment buildings taking the bullet train from Shanghai to Beijing in March. I’d love to know what “China’s special circumstances” are that make those a good thing. Maybe they think there’s a big market in providing sets for movies of some apocalyptic future.

  • “The world has never seen anything like the contemporary Chinese economy . . .”

    But then the world had never seen anything like the Great Leap Forward, either.

    In the late 1950’s Khrushchev predicted the old Soviet Union would “bury” the U.S. economy. On paper it looked like they might. But in the final analysis an economy that doesn’t know how to allocate capital efficiently is bound to fail. What we see in China is waste on a gigantic scale. The hard-earned savings of the working classes are going up in smoke. You can’t repeal the laws of economics, not even if you sit on the Standing Committee of the Politburo.

  • Angel Martin

    i think that “China’s special circumstances” is just a new vocabulary for “this time it is different”…

  • Kris

    “Sit on the Standing Committee”?

    [No, I have nothing serious to contribute.]

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