If A (Europe) then B (China), but wait, B is also then A? (Black Swan Capital)

If China Saves Europe, then Who Saves China?

China's real debt level appears to me much larger than anyone seems to know -- even the Chinese.  This kind of thing happens when you provide stimulus to your economy ranging from 50% to 75% of your entire GDP and allow your banking system to create even more leverage with a multitude of so called "off-balance-sheet vehicles."  Sound familiar to anyone?  This movie ended badly during its first run.   But of course, it is only the Westerners who are careless with debt and leverage according to the harangues from Windbag Wen Jiabao, China's globetrotting premiere who has learned the sublime art of Western political success: see camera, pose for camera, say sound bite to camera.  Of course, Wen's sound bites have about 500% more thought embedded in them than those emanating from Western pols, sadly.   Despite Wen's recent attempt to tell the world, via op-ed in the Financial Times, "It is all good," keen and un-keen observers alike have a sneaky suspicion Wen is playing one of his dutiful dual roles as Minister of Misinformation Information Dissemination-a highly valued practitioner of this art he has proven to be.      Currency Currents 29 June 2011