China and the Global Financial Crisis

The US financial crisis also started with a meltdown in the property sector. Is this more manageable? Or is that an analogy that does strike you as interesting? I mean, one of the many things about China is that you just don't really know the extent of the linkages and liabilities. But it's not quite like the Lehman bus because this is not a system that uses derivatives or broker dealers in that sense. The other country that is probably quite similar would be Japan.

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