Beijing Bingo And The Tottering Edifice Of ‘Chinese Paper’

China’s orgy of buildings, airports, new cities, harbors, highways, high-speed trains was all financed by “Chinese paper” and overseas Chinese money. Today, no one knows how much bad debt is choking China. My sense is that one of these days the whole credit house of cards may come crashing down, igniting another worldwide panic. I instructed my money mangers to stay out of Chinese investments three years ago.