When this China real estate bubble inevitably bursts it is not going to be good for any of us (60 Minutes got at least one story right)!
A tale that will make the bankruptcy of an American city like Detroit seem like a walk in the park ('The downfall of Detroit: A sad story told very well') to all except for the people still living in Detroit!
This is a story about massive 'ghost' cities across China that stand absolutely empty while the Chinese middle class throws all of its money into buying apartments because they have no other investment options.
These construction projects that have no people living in them ultimately living in them provide the jobs and activity that spurs China's economic growth numbers while at the same time displacing millions of the Chinese poor.
Considering that Communist China is one of the biggest buyers and holders of U.S. treasuries, when the bubble in that country inevitably bursts what do you think it will mean for the U.S.?
If the bubble bursting results in civil unrest within China, what will that mean for the rest of the world that relies so heavily on China for global economic growth?
Flashback: Potential for civil unrest in the US
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