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There's still a full on America+China+EU sized market crash boiling under that "booming" surface. I don't know quite how they staved it off with just Credit Suisse and two other banks imploding so far. But it's not done, it's not finished, it hasn't even started.
No idea what backroom deals were done in the financial sector to stop it all for now, but it's still coming. Otherwise corporations wouldn't still be bleeding the plebs dry with cost of living and trying to offset their shitty investments on the CBMS as well as fighting tooth and nail to keep students indebted forever, so the party can keep on rolling.
It's an utter clusterfuck. We'll see what happens in the next few years.
Don't forget Evergrande
Here's a Plain Bagel video on why the Evergrande liquidation isn't as big a deal as lots of other people are hyping, at least to the world economy
No mention of swaps, no mention of debt lending and loaning. Evergrand's impact doesn't just come from the shit it does in China with the real estate. As a publicly traded company, there are many financial instruments tied to that single stock that have nothing at all to do with the real estate side of things.
Evergrande stock has been all but worthless for over 2 years now, what shoe do you think is left to drop?