John Hempton from Bronte Capital expands on the theme of systemic challenges currently facing the Chinese economy that we touched on last week with The End of the Communist Dynasty
The Macroeconomics of Chinese kleptocracy China is a kleptocracy of a scale never seen before in human history. This post aims to explain how this wave of theft is financed, what makes it sustainable and what will make it fail. There are several China experts I have chatted with – and many of the ideas are not original. The synthesis however is mine. Some sources do not want to be quoted.