Deficits are a melancholy object to those who walk through this great town or travel in the country, when they see the streets, the roads, the cabin doors, covered in “Foreclosure” signs, followed by bailed-out bankers and incumbent Senators, begging every lowly taxpayer for alms.
Thus, we present a modest proposal: The American worker and investor has done so poorly over the last 10 years not because of easy money and rabid government spending…but because there actually wasn’t enough of either.
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China’s Housing Market Worse Than US Before Subprime Collapse
Whether or not China is in a bubble, particularly in housing, is a source of great debate… even among your very own Daily Reckoners. Now, even a staff member from inside China’s own central bank has weighed in with a dour opinion.
Li Daokui, of the central bank’s monetary policy committee, has publicly stated to China’s State Council that their nation’s housing market is deeply troubled in way that could cause profoundly negative financial and social outcomes.
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