In response to:

China Averts Massive Bank Defaults

Joe211 Wrote: Jan 30, 2013 9:28 AM
This is what is happening in America with only slightly different methods, since there is the pretense of a free society here. The govt has been propping up bank for years. Without govt help, the biggest banks in America are bankrupt.
ppotts Wrote: Jan 30, 2013 11:56 AM
then why is the democrat senate saying that Fox news is making up that the country is in financial trouble. According to the president, everything is hunkey dorey.

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...