He didn't even touch on the follow-on effects, which will be even MORE massive.
An incredible proportion of the Chinese economy and employment has been to take this once-unstoppable flows of capital and build, build, build WAY past the point when the real demand was exhausted, but the financial demand for investment properties remained fevered due to lack of alternatives. This resulted in beyond-insane overbuild - this video mentioned 90 million unoccupied residential units!
So no only will the highly-leveraged investments of most (unconnected, and thus unable to get their assets out of China) Chinese be largely wiped out, but the unemployment is going to be MASSIVE. The CCP has ZERO chance of surviving this.
He didn't even touch on the follow-on effects, which will be even MORE massive.
An incredible proportion of the Chinese economy and employment has been to take this once-unstoppable flows of capital and build, build, build WAY past the point when the real demand was exhausted, but the financial demand for investment properties remained fevered due to lack of alternatives. This resulted in beyond-insane overbuild - this video mentioned 90 million unoccupied residential units!
So no only will the highly-leveraged investments of most (unconnected, and thus unable to get their assets out of China) Chinese be largely wiped out, but the unemployment is going to be MASSIVE. The CCP has ZERO chance of surviving this.
Will this impact the stock market?
...follow gold