Interesting note here… Mark Lapolla of Knight Capital mentioned 8 reasons why he sees similarities between China and USA prior to the Great Depression:

1) Massive disparity of wealth, income and education
2) Rapid industrialization and displacement of labor
3) Opaque and misleading economic and financial data
4) Massive build-up of leverage across the “rising class”
5) Bubbles in both residential real estate and fixed asset/infrastructure development
6) Accelerating and uncontrolled growth in disintermediated credit
7) Expected transference of economic growth to domestic demand
8) An accelerating price/wage spiral
Coincidence or not? 

Source: Pragmatic Capitalism 

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