China's Bubble Coming to an End

The whole Chinese expansion feels so much like the Japanese experience from the 80's and early 90's.  Week after week we hear another revelation that it's not as rosy as it's been portrayed.  The latest revelation is Chinese local government debt has been understated by U.S. $540,000,000,000.  This is just the latest one; the whole bubble has been financed and orchestrated by the government through the banks—massive credit expansion.  It will come to an end and it won't look pretty!