Nice selective quoting there. You have no intellectual honesty at all. Just for the record, I was very specific about the magnitude and nature of the coming crisis in the post I linked (and that you apparently read, but omitted parts that didn&#x27;t fit your little narrative). This is my comment from 160 days ago:<p>&quot;Mark my words: the economic depression that will occur in the next 5 years will be started by bubbles popping in residential property markets (China&#x27;s first, most likely). Consequently, we&#x27;ll be looking at financial system collapse when this is transmitted to banks via insolvent residential property speculators (to whom they&#x27;ve loaned significant amounts of money). This ain&#x27;t going to be pretty...<p>On the hopeful side, countries like the US, Ireland and Iceland who &#x27;took their medicine&#x27; during the GFC (sustained heavy property price declines or significant bank collapses), will be closer to fundamental values already. So they may have less distance to fall, even though there will probably be some overshoot. Also, OPEC flooding the world market with oil (to try and kill the US shale oil industry in the crib) and the likelihood that China will run down its foreign currency reserves to pay for stimulus (depreciating the US dollar) will mean US export industries (excluding oil and natural gas) become very competitive indeed.<p>Countries like China, Australia, Canada and the UK on the other hand, who staved off significant property market corrections during the GFC (especially Australia), are in for a very bad time (<a href="http:&#x2F;&#x2F;www.economist.com&#x2F;blogs&#x2F;dailychart&#x2F;2011&#x2F;11&#x2F;global-house-prices" rel="nofollow">http:&#x2F;&#x2F;www.economist.com&#x2F;blogs&#x2F;dailychart&#x2F;2011&#x2F;11&#x2F;global-hou...</a>). Like worse than 1920s depression bad time (closer to 1890s depression).&quot;<p>So: enormous crisis, china run down fx reserves, crisis will originate from distorted chinese property market driven by speculative bubble popping.<p>Here are a few news articles, some from <i>just today</i>:<p><a href="http:&#x2F;&#x2F;www.marketwatch.com&#x2F;story&#x2F;kyle-bass-warns-chinas-foreign-cash-reserves-below-a-critical-level-2016-02-10" rel="nofollow">http:&#x2F;&#x2F;www.marketwatch.com&#x2F;story&#x2F;kyle-bass-warns-chinas-fore...</a><p><a href="http:&#x2F;&#x2F;www.cnbc.com&#x2F;2016&#x2F;02&#x2F;08&#x2F;latest-chinas-fx-reserves-drop-to-4-year-low.html" rel="nofollow">http:&#x2F;&#x2F;www.cnbc.com&#x2F;2016&#x2F;02&#x2F;08&#x2F;latest-chinas-fx-reserves-dro...</a><p><a href="http:&#x2F;&#x2F;www.wsj.com&#x2F;articles&#x2F;this-chinese-citys-property-market-is-out-of-control-1455082235" rel="nofollow">http:&#x2F;&#x2F;www.wsj.com&#x2F;articles&#x2F;this-chinese-citys-property-mark...</a><p>And this is where I bow out. I&#x27;m done trying to reason with the unreasonable.<p>EDIT: I lied. Christ, you even misquoted me from a few posts up: &quot;If you want to see some decent economic commentary, look here: <a href="http:&#x2F;&#x2F;www.macrobusiness.com.au&#x2F;" rel="nofollow">http:&#x2F;&#x2F;www.macrobusiness.com.au&#x2F;</a> . These guys have been screaming bloody murder for at least the past year.&quot;