We are all set for a rollo crose ride in policy and economic growth. I would not be surprised if, a decade from now, chinais g d p growth was one or two %. The land sales by local governments in china have collapsed, falling 90% year over year. Land sales generate about one third of local government revenues in china. So the music is stopping. Feels like a giant house at cards. But in china, they can just print more money. They can do whatever they want. And we start talking about contagion. You could start to understand how this could all come apart.

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