Aren't they following the same path already? The massive dump in credit (cheap money) into the Chinese Banking system after 2008 seems to be following the same

Aren't they following the same path already? The massive dump in credit (cheap money) into the Chinese Banking system after 2008 seems to be following the same path that America/UK took after 2001. A recession causes the central bank to ease and real estate/asset bubbles begin to blow up but external factors (chinese export deflation in the 2000's, and weak global demand today) keep inflation low. The cheap money effectively subverts large parts of the economy because they become dependent on it, but it only works while there are asset classes that can continue to rise and can be easily traded into and out of e.g. real estate. Mr Bernanke as you quoted wrote a paper about this and yet in the end the Central Bank alone in the US could not contain the fallout when the bubble could blow no bigger. The US government had to absorb the losses by writing cheques to bailout the institutions that were failing until they reached a point where it was no longer politically feasible. I don't see an easy solution to this, the issue is not just bad debt, it's that there won't be an asset class to bid up anymore, there won't be a practical way to get that easy credit into the system anymore.