We noticed the comment from Jim Chanos, he of hedge fund fame and loudest bear on China. He told Bloomberg that China was on a “treadmill to hell.” I would add, if China becomes the hegemony power we are all on a treadmill to hell, but I digress. Mr. Chanos point was that China had to keep feeding the real estate monster large chunks of credit to keep the music of growth playing; otherwise there could be a major GDP disappointment. Mr. Market sure wouldn’t want that now, would he!