alexnr75 schreef op 18 april 2020 14:16:
Ik krijg dit door over China:
CHINA! Now, throw into the mix a $42 trillion Ponzi scheme ripe to implode. In our analysis, the Chinese banking system is the largest financial scam in world history. The conventional worldview falsely believes that China is in a strong financial position with $3 trillion in foreign reserves. This perspective assumes that these assets are not already encumbered in the country’s dealings with foreign banks, which they almost certainly are. The FX reserves of the People’s Bank of China are perhaps the only good collateral the country has in its entire financial system. The problem is that these reserves are tiny compared to the country’s egregiously overstated bank receivables that are 14 times higher and in turn secure the deposits of 1.4 billion people.
China was responsible for what it claimed was 60% of world GDP growth since the 2008 recession. But the growth engine of the world was built on a fraudulent financial system where non-performing loans have been endlessly covered up and papered over with new credit at impossible growth rates. Chinese economic growth over this period was massively overstated to begin with. We see nothing but crashing decline on the foreseeable horizon as deglobalization continues and supply chains are yanked from this highly corrupt government run economy. We remain long dollar call options versus the Chinese yuan and Hong Kong dollar in our global macro hedge fund.