Global markets have watched anxiously as a huge and deeply indebted Chinese property company flirts with default, fearing that any collapse could ripple through the international financial system.
One Chinese property company, Evergrande, affected the stock market this week. Just who is Evergrande and how much have they borrowed from US banks – hundreds of billions. That means interest must be paid – but this week there were rumors they might default. How does that affect you?
Prof. Richard Wolff joins Thom Hartmann to explain the speculation that Some Chinese companies will be unable to pay their debts.
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