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You likely saw the clip on 60 Minutes last weekend that showed the major construction of condominiums and other real estate being built up like new towns springing up everywhere. 
You also saw that the buildings were totally empty.  The U.S. is closing over 1.5 billion square feet of retail space this year and yet this only a third of the vacant buildings in china and most of them are brand new. 
In both places, someone is still responsible for these properties.  In the us taxes have to be paid on this real estate.  If they are bankrupt, the city and states are stuck with property around which services are offered but no one pays for them. 
Banks and municipalities carry huge amounts of debt on abandoned properties and nonperforming real estate these days.  In China, you might remember they bailed out the largest construction company last week from total insolvency.  In other words, the Bank of China is having their largest construction company build entire cities of empty high-rise condominiums.  Is this supposed to fool the world into thinking the Chinese economy is booming?  Who wants to move to China to live in empty buildings.  Even the Chinese would rather buy ridiculously priced homes in California and New York.  At least there is life all around them. 
This week the Chinese services PMI crashed to a record low.  The purchasing index for services is back to the collapse low of 2005.  Not only then are real goods but now services in a free fall in China.  The only weaker economic data on both goods and services is in japan comparatively.  Japan’s economic activity is falling off a cliff.  Both services and product economies are falling off a cliff even as abenomics is the art of borrowing into oblivion. 
In Europe, they have already borrowed themselves senseless and are living in total ignorance of their future.  Investors are buying the sovereign debt of the likes of Spain and Italy when both countries are broke and even the EU knows the principal and interest can never be repaid. 
Deutsche bank continues on a weekly basis to reveal further and further along the path of total failure.  Their balance sheet is in shambles and both U.S. and European regulators are questioning the valuations listed on assets on the balance sheet as untruly priced.  The bank itself owns plenty of Spanish, Italian, and Portuguese debt. 
On the entire planet, it’s like everyone knows everything we read on the safety of the global economy but we choose to ignore it anyway.  It’s time to remember the old adage: there are three things that cannot stay hidden for long: the sun, the moon, and the truth. 
The truths of the global debt load are ugly except for the fact that they are being totally ignored.  

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