“Life would be unimaginable without credit,” said the 27-year-old dance instructor in Beijing, who bought the car [an $88,000 BMW 530Li] in January. “I don’t see why I can’t spend future money if I can make the monthly payments.”Anyone paying attention to economics realizes that the situation in China is of utmost importance to the world economy. China is now manufacturer to the world (supplier) and importer extraordinaire of luxury goods (customer) from the West. Major changes in China are sure to impact the rest of us at some point.
And so with this in mind I was reading this Bloomberg article - China Auto Financing Tripling By 2017 - when I came across the dozzie of a quote shown above.
I think I see a pattern developing ... and it does not usually (or ever) end well.