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Mario Rosenstock is a comedian and impressionist, and creator of TodayFM’s Gift Grub.
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Here’s something about the Chinese economy.
China’s ‘investment’ in real estate makes Ireland’s property obsession seem breezy and carefree. Just before our crash, 12 per cent of our economy was house-building.
Even if Chinese GDP figures are true, then their reliance on homebuilding is double our peak. (If their GDP is overstated, it’s worse.)
If China crashes, it will shake the world. China holds trillions in dollar and euro reserves, and US sovereign debt. China is not a democracy, but its leaders are sensitive to public opinion, and deeply paranoid about preventing unrest.
If threatened, the Communist Party is likely to pull investment from anywhere it needs to, to keep their internal economy going, and keep their population working, not protesting. But with ghost cities, and one quarter of the economy building more of them, something has to give. But when?
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