Peter Zeihan: China government’s crisis of legitimacy

From NorthJersey.com:

As the situation stands now, any credibility the government gleaned from Marxism, Maoism or communism has long since faded, and the Communist Party remains in power only by dint of its ability to deliver economic well-being to the masses. Its chosen delivery mechanisms are – government-run companies that directly employ more than half the nation’s urban dwellers. These vastly bloated and unprofitable companies are kept “viable” through subsidies and cheap loans, regularly injected by China’s state-owned banks.

And therein lies the rub – for China, its banks and the as well.

Thanks to Yong Liu for providing this link through del.icio.us.

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