In other news...
Just kidding. Here's MarketWatch via Economic Policy Journal:
Paul Farrell writes:
...just when you though it couldn’t get worse: The World Bank warns that China is headed for collapse. Imagine China crashing. The country holding over a trillion of America’s debt. The same China that’s running all over the world like a 19th century Wild West robber baron, using reserve dollars they got from years of financing America’s costly wars and cheap toys.
Adding insult to injury, China’s now using these reserve dollars to buy and hoard huge land resources, commodity futures and equities worldwide. Yes, China’s rubbing it in: China’s future is being paid for at the cost of America’s future...the World Bank’s game-changing new report predicting China’s headed for a major collapse that will sabotage the global economy.
Yes, a collapse of China. And what’s really fascinating is how China’s predictable doomsday scenario parallels America’s. Yes, we know America’s elite Super Rich gained virtual control over Washington the past three decades. And now, ironically, that same bizarre capitalism is sabotaging the goose that laid the golden egg for China’s Super Rich too....MORE