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Chinese Blowing Credit Bubble

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Guest DissipatedYouthIsValuable
http://www.reuters.com/article/newsOne/idUSTRE57C04Z20090813

I hadn't noticed it posted yet, thought it was worth a thread.

Easy credit just destroyed our economies so now the Chinese are following suit. What could possibly go wrong? :blink:

No cut'n'paste, the article is 3 pages.

They could end up with a ridiculously wealthy plutocracy and become a nation devoted to ridding the World of terror if they're not careful.

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You've got to admire the shamelessness of targeting under-18s for credit cards - get 'em while they are young.

Also

Last year, students at a Xi'an university were astonished to discover they had been given credit cards by a major Chinese bank.

The university had filled in the application forms without the students' consent or signatures to help the bank achieve its credit card quota, resulting in more than 10,000 credit cards being issued to unwitting students.

:lol: How ingenious. Pre-approved mortgages- coming soon to an estate agent near you!

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If their government wants to join the "debt is wealth" club, we must be seeing or be about to see some truly phenomenal inflation in China. Not just asset bubbles either.

Enough inflation to dent their much vaunted savings.

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