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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (50436)5/2/2006 7:37:31 PM
From: russwinter  Read Replies (2) of 116555
 
So from where China borrowed to buy those worthless green paper, i.e. US$?>

Here's the drill on that one. Chinese state owned banks make money losing "loans" to pals and cronies, who in turn make products to sell to the US at a loss. The USD received in these losing transactions are then brought back to China, and the plutocrats (sic exporters), exchange USD for yuan, at the expense of the people of China. The BOC then, sends the USD back to the US (or also buys oil) in another money losing or poor return loan. I would define this as a classic Ponzi scheme and major scam off the Chinese people.
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