The Keynesian fraudsters at the central banks keep playing “extend and pretend” by pumping more created-out-of-thin-air liquidity into the financial system to stave off the inevitable financial reckoning day. In the entire history of the planet, “growth” financed with debt and central bank funny money is never sustainable in the long run, and only make the financial reckoning day, when it can no longer be deferred, that much worse. Got silver?
Beijing ordered state-owned policy banks to set up an 800 billion yuan ($120 billion) line of credit for infrastructure projects as it leans on construction to stimulate an economy battered by coronavirus lockdowns.
The announcement, made at a State Council meeting chaired by Premier Li Keqiang, could help finance a significant chunk of infrastructure costs this year. Bloomberg Economics estimatedChina’s infrastructure spending came to 23 trillion yuan in 2021. Large policy lenders include China Development Bank.