The Shit Is Going To Hit The Fan In 2012

I was a little incredulous when I read this, I've blogged regularly that the Chinese economy is just a property bubble come ponzi scheme and its going to go down Japan's path of the early 20th century but I am amazed as to how bad it is.... Buyers and developers face some harsh home truths

"The decline in home prices is just beginning. And this price adjustment will cut deeper than was the case in 2008 to 2009," said Chen Li, head of China equity strategy at UBS Securities. "The fluctuations in the property market, in fact, may pose the biggest challenge to China's economy next year."

Meanwhile...
European Government Bond Market "Frozen" says Bank of Italy Managing Director

Only open this one  on an empty stomach...
JPMorgan, Goldman Keep Investors in Dark on European Debt Risk ; Net Position Disclosure Hides True Risk

Back on the Debtstar...
$15,OOO,OOO,OOO,OOOBAMA! - It's Official: Total US Debt Passes $15 Trillion

Too sad for commentary, but here is some math: total US debt has increased by 41.5%, or $4.4 trillion, from $10,626,877,048,913 on January 20, to $15,033,607,255,920, under Obama as president.
(as a reminder the most recently updated debt ceiling is $15.194 trillion)