David McWIlliams: China crisis is just another boom-bust
We’ve already been there. Now it’s China’s turn to experience huge decline
Has the world run out of credit boom and credit busts? The reason I ask this question today is because China is having its own bust. The culprits are the same as usual: too much lending; too much borrowing; too much optimism and too little foresight. As Led Zeppelin might say, the song remains the same – we’ve all seen this before, we know the chorus and we know how the song ends.
