That was a very fascinating — and depressing — video, OCR. People have been discussing China’s ghost cities on housing bubble blogs for quite a few years, and I had read that they had slowed/stopped building these cities and that people had begun to move into them over the past few years. From this clip, it looks like that’s not the case.
It’s surreal to see how investment has been so grossly misallocated around the world. We have an oversupply on so many levels, yet we are continually told that we need more debt and more expansion.
I’ve been watching commodity prices over the years and found the price of copper to be rather telling.
We desperately needed to deleverage after the dot.com bubble, and again after the housing bubble, but the central bank(s) didn’t allow that to happen. When it finally implodes, it could get ugly. IMHO, 2008 was just a preview of what can happen. Currency markets could get interesting going forward.
