Chinese Bubble Is Act III In the Global Economic Crisis

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I truly am wondering how this is all going to play out. How is this going to affect Europe, which is already on the brink? And then the United States? People have been hoping that the bad economy, the global economic crisis, is at the beginning of the end, but we may really only be at the end of the beginning.

As a sidenote (which I think I have mentioned before on this blog, but can't remember), I am wondering if China's economy has really surpassed Japan's in size, or if that is just paper GDP in the form of lousy-quality infrastructure (such as the Shanghai garbage bridge), which would mean that in reality, China's economy may not really have surpassed Japan's.