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Vitaliy Katsenelson has been warning for quite a while about the dangers inherent in the Chinese and Japanese economies. He recently updated his slide presentation, and I think it's worth a read by GG'ers. It can be scanned quickly.

There is a central point to his argument about China that I agree with: a command economy will inevitably mis-allocate capital resources and create shortages/bubbles. The real question for me is the extent that this is happening and how these things will resolve themselves. Will imbalances cause a sudden crisis, or will they unwind slowly?

In Japan, it is all about the inevitable rise of interest rates and the saga of rising debt.

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