Canary In China’s Coal Mines: 70% Of Miners Losing Money, Slashing Pay And Skipping Bills

The thing about any debt-funded Ponzi scheme is that it is like a great white: it has to keep moving, or else it dies. The problem with China is that for the past decade, in order to fund the most rapid period of industrialization and modernization in history, it has been moving at an absolutely torrid pace. And by moving we mean creating credit,
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