But eventually, it hits a wall. The reckoning might have actually been upon us as recently as January. The world went into a momentary panic over it. And you're right, the govt acted. It trumped up charges against some people. It managed messaging by declaring that journalists had a sworn duty to paint the govt in a positive light and craft their message as delivered. They literally outlaw selling and require buying at times. They tell lenders they must lend.

And nobody really knows how much of a bad debt overhang there really is in China, because there is no such thing as reliable data. This can't be sustained, and could end very, very badly.

I'm a big believer in the notion that if you divide history up into 20 year increments, the only thing you can ever count on is that the world never looks the way conventional wisdom expects it to in 20 years. I think China will be a clear example of that.