Chinese Whispers

China is, and pretty much always has been, a huge house of cards. A giant Ponzi built on the assumption of ever faster growth and ever higher property values.

It was always going to end in tears. The only question was when. Seems it may be sooner rather than later. Anyone who believes differently should read this at the FT - http://on.ft.com/11mpTyh Sums it up superbly.

And if China goes.......  Anyone else here old enough to remember the last Asia crisis? Stay out of asian emerging markets.