Lack of serious posts on this board- China Ghost Cities
So 60 Minutes has a story last week on the Chinese Ghost Cities, where their government is building dozens of new cities every year, all too expensive for Chinese people to afford. The developer they interviewed stated flatly that this is a real estate bubble of major proportions. That being the case, when it implodes, world demand for steel, cement, etc. will plummet. How could that not throw the global economy into a recession of major proportions?? CNBC and others have reported on this phenomenon also.