china is secretly bankrupt, page-20

J,

I have little doubt that currently China is accumulating gold and non-USD foreign reserves as much as practicable.

Trillions of dollars is a lot in a country where the average wage is still very low, but I am in no position to say with conviction that it is enough or not.

Excess industrial capacity worldwide + low credit growth = big economic problems. Countries are trying to defend themselves by waging currency war. Dark clouds ahead.

CCL