China’s Deflating Housing Bubble
Posted on December 13, 2011 at 08:46 AM EST
Much of China’s rapid credit — 33 percent in 2009 — as part of its massive stimulus program was directed into nonproductive sectors. Balance sheet risks have increased. Sound familiar? This could be next year’s big bad story. Commodities as reflected in the CRB index, which broke support today, seem to think so.