Page 93 - Monocle Quarterly Journal Vol 1 Issue 1 Q4

and nancial reporting, and the obvious compelling improbability of Chinese operators being three times more e cient than US operators. ese two realities lead to only one derisory conclusion: that the Chinese numbers must be wrong. What irks is the near absence of mainstream nancial media focus on what would appear to be the next crisis made plain in numbers.
e buying power of the Chinese economy has led to a wilful myopia in the Western acceptance of the Chinese story. Even the most basic analysis leads one to very disturbing conclusions. It is nine years since the near collapse of the nancial markets. Yet the lessons apparently learned – primarily that excessive leverage in banking and exponential growth in property prices signalled a future overhang of severe magnitude – have already been forgotten.
ere is not a single line of analysis in Fortune magazine on the irascible truth that there is no possible way that Chinese banks could be this pro table. Nor on the consequences of this blatant myopia. Something wicked this way comes. And it will be global.
“What irks is the near absence of mainstream nancial media focus on what would appear to be the next crisis made plain in numbers.”
SomethING wIcKed thIS wAy comeS
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