Sebastian Mallaby, an OpEd guy for the Washington Post, makes a convincing case that China caused the global mortgage bubble that caused the global mortgage crisis that wreaked the global economy.
They intentionally cheapened their currency and consequently ran a huge trade surplus. The profits from that trade surplus washed over the US and the developed world like a tsunami and the mortgage / housing bubble ensued. Said bubble has since burst and the worldwide economy is now in the shambles.
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Tags: china, commercial mortgage, commercial real estate, currency, Economy, housing bubble, mortgage crisis, Washington Post
