Glenn Beck

Listen how crazy China has done this, okay?

China has two big pressure chambers.

One, property as the national savings account.

For years, apartments weren't just homes.

They were the main store of wealth.

So the system kept building and building and building and telling people, buy these apartments and we'll take the money, but you can't have the apartment until you totally pay for it.

And you know, you'll pay for it in 25 years.

Then you'll get the apartment.

Garments already built.

Okay.

But nobody's living in them because everybody's buying them and you don't get it until you pay it off.

All right.

The local governments were the ones doing all of this.

They were borrowing money through side doors.

So China has got its own debt.

Then China pressured the local governments because they needed money for these projects and growth targets.

So they just went and created these quote special vehicles off to the side.

That's not as visible as the normal government debt.

The IMF just said they're off the side debt is about 46% of their GDP.

And that's the end of 2023.