This is a picture of a Chinese pharmaceutical’s HQ. The Chinese government’s balance sheet shows almost negligible debt. We tend to think of China as a growth economy doing so much better than we are. Most of its people still live in poverty. There is massive debt we might call quasi-governmental – some estimate this at 200% of GDP which is as bad as most of Europe. Some investors are short on China – meaning they bet on it coming down.
There are now more than rumours of a massive gas field under Lancashire – the once great county of industrial revolution that stretched from Derbyshire to Barrow. Instead of sensible debate on what to do with this we are getting scare stories on earthquakes and blazing water taps. Could we do something to keep these riches out of the hands of people who build ‘marble cathedrals’ and get into a genuine wealth creation for all? My own recommendation would be for us to join the Scots in a new EU country broadly north of the M62.
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