What’s happening in China "eerily resembles what happened during the financial crisis in the U.S. in 2007-08, which was similarly fueled by credit growth," Soros said. "Most of the money that banks are supplying is needed to keep bad debts and loss-making enterprises alive." Read more.
Except that China's debt is the debt of the government--in yuan--lent through banks, which are the fiscal "conduits" to the economy. China cannot run out of yuan.
On the other hand, American homeowners can run out of funds to pay their mortgages, which were bank credits (and booked as future bank profits/capital.)
Soros is clueless here. He has just joined the ranks of Kyle Bass, Peter Schiff and all the rest of the Bozo's.
It will be a pleasure to watch him lose some of that fortune.
Step up and get his money, kids.