By Doug Casey in Conversations With Casey:
…Unfortunately, it's not just the U.S. at this point [that is printing money and blowing up asset bubbles]. China, which everyone seems to be thinking will save the world's bacon, is in an unbelievable real estate bubble now. Prices have doubled and doubled again in the last five years.
As you know from our conversation on real estate, I've had dealings in the Hong Kong market for a while now, and prices that apartments are going for in Hong Kong now are literally off the scale. Totally over the top. When that Chinese bubble bursts, you're going to have scores of millions of Chinese – and the banks that lent them money – lose everything, just like Americans. It's going to burst, and it's going to be a disaster.
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