Housing prices choke spending

People tend to blame China for its low consumer spending - as a problem for both the world and the country itself.

Of course, China has been exporting perhaps too much. At a time of worldwide crisis, there is for the time being little room for more exports.

Of course, the Chinese should spend more at home so as not to keep accumulating the US treasury bills in such a suicidal way - in which the debtor does not seem to appreciate while the creditor is exposed to increasing risk.