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Louis Giokas
China Observer
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Comments by "Louis Giokas" (@louisgiokas2206) on "Totally COLLAPSE! 3,500 New Ghost Cities Emerge in China: Trillions Wasted in Spectacular Missteps" video.
While I am not a fan of the CCP, the decision in 2020 to restrict credit to the real estate industry was a reasonable decision. These firms had become Ponzi schemes. There are two major flaws in this scenario which show the weakness of the communist system in general. One is the impossibility of centralized economic planning. We have seen it ever since the Soviet Union started the five-year plan. Especially in an environment of corruption, the folly of central planning is obvious. The second flaw in what the CCP did was that they made no provision for unwinding the real estate developers once they lost access to credit. There was just no planning for this scenario. That is incredible. Justin Turdeau once lauded the central control model of the CCP. He liked the idea that they could just command things to be done. He has been quiet on that front ever since. Wonder why, NOT!
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