And its policy will lead to inflation not growth.
Fresh from releasing his bestseller introducing the world to the ongoing Currency Wars, Jim Rickards interviewed on ABC's Business program (see link here) and was really on point on the current dynamics driving monetary policy in China and the US and impacts for Australia.
While not the first to identify infrastructure overkill in China, Rickards was emphatic and went into detail about what is wrong with Australia's policy settings and likely outcomes.
Oh and in case you missed it the RBA has joined the Currency Wars! This Blog has advocated this as somewhat inevitable (although there are ways to implement and Rickards is correct that the Brazil example is not a good one to follow - hence the criticism to the extent which Australia has followed although not sure if this is accurate).
Rickards' proposed solutions of 12 months ago are unorthodox although it is now an academic question as to whether they would have been successful.
Watch out Australia!