Very informative. Please watch the whole video. A city built for 1 million people. And virtually unoccupied.
This is the most (in)famous project. But multiply similar projects like these all throughout the country and you will begin to get an understanding of the scale of the problem. Macro-economic slack has resulted in the government force-feeding the low wage light manufacturing and infrastructure sectors.
This is great news for exporters but poor news for consumers - few of which can afford the shiny new things in their midst. Until China focuses on building its consumer class and relying on low wage serf labor, there is no way that the country can pick up the global slack from the West.
Friday, January 22, 2010
- ► 2011 (58)
- Agricultural Update: Corn's 2010 Outlook
- The Debts of the Spenders: US Supreme Court Rules ...
- The Debts of the Spenders: FDIC Considers Granting...
- The Debts of the Lenders: Why China Cut Bank Lendi...
- The Debts of the Lenders: China Allows Short Selli...
- The Debts of the Spenders: Bernanke vs the Taylor ...
- The Debts of the Spenders: How the USA is Becoming...
- The Debts of the Spenders: 50 States of Disunion?
- The Debts of the Lenders: 2 Year Note Recovers in ...
- ▼ January (9)
- ► 2009 (473)