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Kyle Bass Warns Of "Tectonic Shift" In US-China Relationship | Zero Hedge
But Bass makes the crucial point that there are over 12,800 credit committees in China right now - overseeing CNY 14.5 trillion in debt for equity swaps - which is 8% of China's total non financial debt, and is over 3x the official NPL figure of 1.6%-1.9% of GDP.
His final blow to any hopes that this solution will work...
"This exceeds all the equity in the entire Chinese banking system."
However, Bass's final warning of the endgame of this credit bubble is far more ominous, because all of the new-found economic confidence and military condidence is "based upon a massive credit expansion and they're going to have a comeuppance..."
But Bass makes the crucial point that there are over 12,800 credit committees in China right now - overseeing CNY 14.5 trillion in debt for equity swaps - which is 8% of China's total non financial debt, and is over 3x the official NPL figure of 1.6%-1.9% of GDP.
His final blow to any hopes that this solution will work...
"This exceeds all the equity in the entire Chinese banking system."
However, Bass's final warning of the endgame of this credit bubble is far more ominous, because all of the new-found economic confidence and military condidence is "based upon a massive credit expansion and they're going to have a comeuppance..."
