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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Elroy Jetson who wrote (53936)2/15/2006 4:25:05 PM
From: GST  Read Replies (1) of 110194
 
There is indeed an abundant supply of newly constructed everything in China -- lets call it "infrastructure". Now there is soaring consumption and a relentless move from farm to city -- your friend might want to review the stats on the rate of urban growth to do a reality check on that. Places that ten years ago were fields are now booming cities with millions of people. Are there empty buildings? Plenty of them. Is real estate a speculative game in China -- absolutely. Is China looking like it will now emerge as a full blown urban consumer society -- yes. And it is this last point that you need to grasp to shake you from the myopia of what your friend told you. If in the next 12 months the USA built and completed a city the size of New York from scratch it would take a while to fill in the gaps. The gaps are there, but the rate at which they are being filled is remarkable -- you need to decide where to focus your attention. If thee were no empty buildings the cities could not grow at the amazing speed that they are indeed growing.
For me, the bottom line is this: China has an enormous impact on my life in America, and most of the people I have met on this thread seem at most vaguely aware of it.
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