It wasn’t just a complete narrative fail, the fiasco uncovers much deeper and more intractable problems resurfacing at a most inopportune time. There are lessons to be heeded across the world, but they won’t be even as we get full confirmation the hole was a crap-ton deeper than originally thought.
We were supposed to be done talking about China and US banks. Practically everyone said the former’s problems (we’ll get to the latter later) were spent in last year’s pandemic politics. Lifting those would free the Chinese economy to soar.
In fact, quite a few were more worried about the situation going completely in reverse. A plethora of news articles showed up touting China’s vast ranks of consumers who had spent their time during lockdowns hoarding cash (they did). Not only did they possess the money, they were, we were told, spoiling to use it (they did not).
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