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Your Friday Morning Dose of Doom & Gloom

Dongguan, one of China's largest and richest high-tech boom towns is going broke:

How is it possible that a city which as the SCMP describes was once a backwater farm town until the late 1980s, and then as China boomed was transformed into one of the most important hi-tech manufacturing centres in the world, and about which an IBM vice-president famously said a mere 15-minute jam on the expressway there would be enough to cause worldwide fluctuations in computer prices, could be facing bankruptcy?

The answer is an absolutely fascinating story, one which for the first time exposes what could be the most sordid underbelly of the broken Chinese shadow credit system, and which demonstrates very vividly just what the hard Chinese landing will look like.

Read the whole thing from Zero Hedge, then tell me again how we need even more intervention in our banking system. Because cronyism rawks.