I don't buy the basic economic argument. China can do fine. Take: >The math is unforgiving: $5-10 trillion in hidden property losses against $5 trillion in ban

I don't buy the basic economic argument. China can do fine. Take: >The math is unforgiving: $5-10 trillion in hidden property losses against $5 trillion in bank equity. That’s not a solvency problem—it’s a physics problem. No, that is not physics, it's finance pretty obviously. The government could deal with it in all sorts of way - lend the banks more money, nationalize them, print money and so on. People have been saying that sort of thing for decades but China remains uncollapsed with more engineers than pretty much anywhere else, more production, more high speed rail, more new housing even if they overshot a bit and so on. The accounting can always be re-jigged if the physical stuff like trains and factories are working.