In response to:

China Averts Massive Bank Defaults

dlh2994 Wrote: Jan 30, 2013 5:01 PM
Too enormous to respond to, that is a loaded question. Become an educated voter. We need you. Gerald Celente gives a good overview in this interview. I think he may be a little sauced, lol, but he is always engaging and informative. And he's a political atheist.

The Chinese banking system is insolvent. Of course, the entire global banking system is insolvent, but today's spotlight is on China. Please consider China averts local government defaults.

Chinese banks have rolled over at least three-quarters of all loans to local governments that were due to mature by the end of 2012, an indication of the immense challenge facing China in working down its debt load.

Local governments borrowed heavily from banks to fuel China’s stimulus programme...