For the past several years, China’s economy has boomed while the U.S. still struggles to recover from the 2008 financial crisis. Many economists have suggested that China is the model we should be following in order jump start our economic fortunes.
“China is in fact the greatest risk to the global economy … I believe it is on a foundation that is not sustainable,” Veracruz founder and CNBC contributor Steve Cortes told WND.
Cortes tells us why he sees the Chinese economic bubble bursting before long and explains the inherent flaws in the Chinese system.
“It’s not really capitalism, it’s a state version of quasi-capitalism.”
He also discusses why the “experts” are not backed up by the actions of the wealthy Chinese and the immigration patterns from around the world. Cortes explains why he thinks the U.S. system will remain superior but will need to guard against some of the worst traits of the Chinese system.