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China's communism is financed with fiat money

Section: Daily Dispatches

From The New York Sun
Monday, August 21, 2023

Communist China's struggle to shore up its yuan as it contends with a growing meltdown in its housing markets is a reminder, as it was during America's borrowing ceiling debacle, that today's debt crises are intertwined with a monetary crisis.

 This is a "moment of reckoning," says Zhou Xin of the South China Morning Post, as the bubble caused by the "monetization" of China's real estate market looks to be popping.

... Dispatch continues below ...


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One of China's premier problems, in an echo of the inflation of asset prices in America since we abandoned the gold standard, is that the run-up in real estate prices is denominated in a fiat currency -- the yuan -- with no basis in real value, like gold or silver. 

So while Mr. Zhou notes that the rise of China's real estate market in the last 25 years seemed to be "one of the most phenomenal wealth-creation stories in history," he now sees "signs the party is coming to an end."

Or, it could be said, there was less there than the fiat currency could fetch. ...

... For the remainder of the commentary:

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