My mother was a schoolteacher and very keen that I go to a city school, so although it was fairly impoverished times, I traveled every day to the Auckland Grammar School.
What people don't realize is that China papered over its last two credit bubbles, those in 1999 and 2004. The banks were never bailed out - they just exchanged their bad loans for questionable bonds from quasi-state organizations.
When you have less revenue coming in the door, you have more money going out the door. You have to find ways of trimming.
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