Tangled Christmas Lights: Why You Should Fear China’s Shadow Banking System

Tangled Christmas Lights: Why You Should Fear China’s Shadow Banking System

There are any number of ways you can go about illustrating why it is that people are so concerned about the potential fallout from China's ongoing effort to deleverage the financial system. The problem comes in when you try to extrapolate from those illustrations. That is, you can look at the charts and you can clearly see there's a problem, but it's not at all clear how to go about fixing it. Have you ever tried to untangle a string of Christmas tree lights that you hastily stuffed into a b
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