“What people don’t realize is that China papered over its last two credit bubbles, those in 1999 and 2004. The banks were never bailed out – they just exchanged their bad loans for questionable bonds from quasi-state organizations.”
“What people don’t realize is that China papered over its last two credit bubbles, those in 1999 and 2004. The banks were never bailed out – they just exchanged their bad loans for questionable bonds from quasi-state organizations.”
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