Mish says that the housing bubble in China has apparently collapsed. Blame may be (incorrectly) laid at the feet of the Chinese government, which tried to slow the apparent growth in the Chinese economy recently. That wasn't the problem (bubbles always burst, was the problem) but if it helps convince the people in China that the Communists need to be evicted from power, I'm all for it.
Note: this happens just after Canada's housing bubble began to burst, and when the US is slipping into the double-dip we have been waiting for.
The economic news heading into this mid-term election is going to be murderous on incumbents.
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