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Is Kneecapping China A Good Idea?
At this point, I should probably apologize to Beijing for beating the dead horse that is Chinese dom
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” Households are trying to de-leverage, so trying to force-feed them cheap credit won’t work”
It’s a pity that the Chinese populace does not appear to be anxious to emulate US consumers. That’s often attributed to a mistrust of the safety net, especially when it was sparse at best. But here we all count on the sanctity of Social Security, Medicare and even Medicaid which we assume will not be severely reduced. That makes it easier to pull out those credit cards or use BNPL financing. For everything. Until one tries to get by on Social Security alone.