Nostradamus: (Cent. 8 Quat. 28)
Les simulacres d'or & argent enflez,
Qu'apres le rapt au lac furent gettez
Au desouvert estaincts tous & troublez.
Au marbre script prescript intergetez.
The copies of gold and silver inflated,
which after the theft were thrown into the lake,
at the discovery that all is exhausted and dissipated by the debt.
All scripts and bonds will be wiped out.
~ ~ ~
The $64K question is will the various forms of government be able to intercept and bail these [Chinese Trust failures] out in time, as they have been doing so far despite their hollow promises of cracking down on moral hazard: after all, everyone certainly knows what happened when Lehman was allowed to meet its destiny without a bailout - to say that the CNY10 trillion Chinese shadow banking industry will not have far more dire consequences if allowed to fall without government support is simply idiotic.
But what could be the catalyst for this outcome which inevitably would unleash the long-overdue Chinese hard landing, and with it, a new global depression?
Ironically, the culprit may be none other than the Fed with the recently instituted taper, and the gradual, at first, then quite rapid unwind of the global carry trade.
You must read more: http://www.zerohedge.com/news/2014-02-20/pig-python-about-be-expelled-walk-thru-chinas-hard-landing-and-coming-global-hard-re
~ ~ ~
More on what the Federal Reserve is really up to and how we got here (exposing the culprits behind the Fed.)
[The figures mentioned here have become much worse since this video was made in 2010.]
~ ~ ~
“How did you go bankrupt? Two ways. Gradually, then suddenly.”— Ernest Hemingway, The Sun Also Rises