A disturbing inside peek at China's financial mania

Christopher Whalen has some great insights into Chinese banking sector in his article “The Next Great Pyramid Game: a disturbing inside peek at China’s financial mania” . Investors, read it before buying into Chinese banks!

“China’s leaders do not recognize or even understand what it means to operate private banks with private borrowers and private property in a market economy where corruption is not the dominant factor in everyday life.”

“China’s economy is like the old burlesque comedian with a loose string that when pulled disintegrates his suit.”

He however does have some hope on the ongoing baking reforms in China.

“If American manufacturers think they are having a tough time competing against Chinese manufacturers now, just wait until the day Chinese manufacturers have access to capital at market rates!”