A surprising update on China's "ghost cities"
Tuesday, September 13, 2011From Zero Hedge:
Two years ago, we first covered the flip side of the Chinese real estate "boom" story by presenting the ghost city of Ordos.
Today, on the two-year anniversary of China's Keynesian miracle being exposed for the whole world to see, Al Jazeera goes back to Ordos to see if anything has changed.
And while Paul Krugman may be shocked that the Keynesian approach of building for the sake of building does not work not only in the U.S. but pretty much everywhere, it will be no surprise to anyone, that as Al Jazeera concludes, "It's still pretty quiet, but here's the remarkable thing...
Read full article (with video)...
Tuesday, 13 September 2011
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