chinese debt out of control

Chinese debt is growing exponentially . Local government debt in China alone is more than 75% of GDP. This nonsense that China is somehow above this bubble is complete nonsense. When we turn toward global austerity in 2012 . to put it in perspective California debt in 2013 (estimated) is $500 billion against a state GDP of $2 Trillion giving it a debt to GDP of 25%.

IMO most of the goldbugs here are ridiculously optimistic , the entire world will collapse economically within 3 years

http://globaleconomicanalysis.blogspot.com/2011/06/chinas-top-auditor-warns-of-chinese.html


China's Top Auditor Warns of Chinese Local Government Defaults


Lost in the worry over Greek debt defaults, China Daily reports on a default story of more significance. Please consider Local governments run up huge debts, risk defaulting

Local governments had an overall debt of 10.7 trillion yuan ($1.65 trillion) by the end of 2010, said China's top auditor on Monday in a report to the National People's Congress.