reality is not as obvious

“In China, when you’re one-in-a-million, there are 1,300 other people just like you.” – Bill Gates

Michael Pettis replies:

If China indeed has the same distribution of geniuses, or talent, as other countries, the fact that it has so many people won’t make it richer.

Yes, some are saying China is undergoing a speculative bubble that makes it the equivalent of “Dubai times 1,000 – or worse”.