I’m watching a 60 Minutes segment about the Chinese real estate bubble:

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 bubble in human history….

Unlike our market driven economy, in China it’s the government that has spent some $2 trillion to get these cities built – as a way of keeping the economy growing. The assumption is “if you build it, they’ll come.” But no one’s coming….

Lesley Stahl: Can I find this all over China?

Gillem Tulloch: Yes, you can. They’ve simply built too much infrastructure too quickly.

which reminds me:

And they want us to trust her with our economy?