Update: we removed the embedded video that was posted above, since CBS kept replacing it with other clips. Here’s a direct link to the video.
As our readers know, we follow with keen interest events in the People’s Republic of China (does anyone call it that, anymore?), especially those issues related to property and a budding system of private rights. Here’s the latest from CBS’s venerable 60 Minutes, about the housing and real estate markets there. If true, it’s scary stuff, especially when you consider we live in a global economy, with so much of our goods supplied by the PRC.
China has been nothing short of a financial miracle. In just 30 years, this state-controlled economy became the world’s second largest, deftly managed by government policies and decrees.
One sector the authorities concentrated on was real estate and construction. But that may have created the largest housing
Continue Reading 60 Minutes On China’s (Possible) Housing Bubble