Hi AC,

Good to hear from you, and I agree, but its not our debt, its our children and grand-children's debt and a debt for those that are still a twinkle in someones eye, at least 50 years worth of debt. That means less schools, less hospitals less government services all round.

Did you watch 'Four Corners' and Australia's submarine capacity, its an pathetic joke. We would be better off sticking a couple of WWI howitzers on old Manly ferries and sailing them at the Chinese, it would be a lot less costly and just as effective. This Yankee/Pommie nuclear deal is an absolute con job. You wouldn't buy a used car of that pair of shysters, Uncle Sam has become Slippery Sam the used submarine man, if we know what's good for us we should run a mile.

p/s We would probably be better off if we bought subs from the Chinese, they have 66 in the water, 12 nuclear, and can produce about 6 or 7 per year, no sweat. We have one operational submarine out of 6 old tubs. We have the same submarine capacity as Algeria!

BTW AC,

I have a "very nice" 67 Datsun to sell ya, one owner, a little wear and tear, its only got 500,000 clicks on the motor, hardly run in, will suit an energetic mechanic like yourself, a steal at 20 grand! You pay up front, but the misses will be using it for the next 10 years for the shop'n. After that I'll be driving it and you'll be still catching the bus. Sounds a good deal ah? Had a second heap as well, just sold it to Albo on the same deal, but for $360 billion. Suckers, come on in!

I see the village idiot has resorted to lying and name-calling as usual. I think it is standard gangreen training. After a stay at the taxpayers' pleasure, he ran a small business into bankruptcy and is now living off welfare. This he believes qualifies him to talk about economics. That Forbes disagrees with him does not stop his stream of drivel. But as a huge fan of communism and Putin, this is not surprising.

The US has about 4100 independent banks of which on average 5 fail every year which is why the bank failures this year is nothing like the failure in 1930.

China's debt runs through all levels of government and is about 130% of the similar debt in the US even with a smaller economy. Recently the first local government went bankrupt. Chinese banks now have massive debts, and if the state did not back them would be technically bankrupt as many of the assets they were instructed to invest in have little to no return.

"the CCP is s..t frightened of 1.4 billion Chinese, and they have to spend a lot more money, time and effort on keep the population under control"

America has 1600 police forces and a over 443,000 national guardsmen, along with large numbers of State Militia units. Not that they want to keep their population under control.

http://www.reuters.com/world/china/debt-laden-local-governments-pose-fresh-challenges-chinas-growth-financial-2023-03-10/

"The LGFVs have become the black hole of the Chinese financial system. They have been used to fill the gap between local government revenue and expenditure," said Andrew Collier managing director at Orient Capital Research.

"They have little or no profit, and cannot pay back their debt owed," he said. "I expect many LGFVs to collapse, or to be quietly recapitalized by banks, putting some rural banks and some bondholders at risk of defaults."

The total debt of China's LGFVs has swelled to a record 66 trillion yuan ($9.5 trillion), equivalent to half of the country's economy, from 57 trillion yuan last year, according to an International Monetary Fund (IMF) report last month.

Concerns about their worsening credit profile come as the government is trying to lift the economy from the grip of a property debt crisis in the last couple of years, which saw a number of developers default on their debt and land sale revenues plummet, forcing Beijing to roll out a slew of supportive measures.

"LGFVs are under considerable pressure on debt repayment this year because their income is often associated with real estate and land sales," said Wang Tao, chief China economist at UBS."