China seems to do everything big. It has the largest power station in the world and the longest high-speed railway line. It also has the world’s largest public bathroom (which can hold over 1,000 people) and the world’s largest pyramid.
So when it came to attempts to pull its floundering economy out of the muck, the Chinese went big. Economist Ben Simpfendorfer writes that China’s total credit stimulus in the four years since 2009 was worth $11 trillion. “Enough to buy the world’s entire oil supply for three consecutive years,” Simpfendorfer writes, “even with oil prices at above $100 a barrel.”[Read more...]