December 15, 2011

TOM FRIEDMAN WAS UNAVAILABLE FOR COMMENT: China’s Epic Hangover Begins. “China’s credit bubble has finally popped. The property market is swinging wildly from boom to bust, the cautionary exhibit of a BRIC’s dream that is at last coming down to earth with a thud.”

But they drove him around in limousines and treated him like someone important!

Related: China’s Deserted Fake Disneyland. “I’m sure building these ghost cities gooses China’s economic stats, gives its workers something to do (see also: FDR and the WPA), and as the Australian item hints, allows the Chi-Coms to generate plenty of PR to entice useful idiots such as Thomas Friedman. But how many of these ghost cities does China have?”

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