North Point of View: China in Crisis

It's not just Evergrande who just blew up, but the number two and number three, they've also all crashed and burned. Then when you go down to the much smaller developers, it's a raging forest fire. People are trying to get their money back from the bank because deposits they made for the construction of apartments or houses, it's not happening. These developers don't have the money and they can't proceed. When you go to the bank to get your money, you can't get your money. What we've seen in the last six, seven, eight months is actual protests outside the banks and in the streets. In China, that's a no no. The population is getting angry and picking up sticks and clubs and whatever they can, because, you know, this is how revolutions get started.

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