A Potemkin Economy Buried In Cement
by David Stockman
David Stockman’s Contra Corner
No wonder the Red Ponzi consumed more cement during three years (2011-2013) than did the US during the entire twentieth century. Enabled by an endless flow of credit from its state controlled banking apparatus and its shadow banking affiliates, China went berserk building factories, warehouses, ports, office towers, malls, apartments, roads, airports, train stations, high speed railways, stadiums, monumental public buildings and much more.
If you want an analogy, the 6.6 gigatons of cement consumed by China during 2011-2013 was the equivalent of 14.5 trillion pounds. By comparison, the Hoover dam used about 1.8 billion pounds of cement.