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5min chapter
The Economy Stinks, and Dr. Doom is Not Hopeful
On with Kara Swisher
Is There a Debt Crisis?
I was in policy for two years, but I wouldn't want to go back to the policy. My view is that right now is too late. The mistakes were done in the last 10 to 20 years. And at this point, if you fight inflation, you're going to cause a severe recession,. A financial crisis and they're going to feed on each other. China doesn't have enough consumption as a lot of fixed investment was all financed with credit and debt. Now the debt to GDP ratio of China is 330%, only slightly lower than advanced economies. Right now they're trying to control it, but every time the economy slows down because they are worried about leverage, then they reverse themselves
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