In China, there is a steel company called Wuhan that has been diversifying into wine production and pig farming. There is also a shipbuilder, Yangzijiang, that is using the cash it gets as down payments on its ships to run a lending business on the side.
These might sound like amusing anecdotes of a faraway land. But they are more than that. Between them, they tell the story of the greatest credit bubble yet.
Both the shipbuilder and the steel company alert us to two things.
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