You’re always on the lookout for the next crisis even though the invariably prove impossible to predict.
In the US, student loans are a favorite pick but most market watchers look to where growth is booming. Just like roaring house prices can mask lending abuses, runaway economies can mask other excesses.
There is no economy that’s roaring like China and that’s why it’s the first place everyone looks for a crisis. Excesses in credit markets are a common fear but environmental catastrophe is almost as popular.
The sickening air in China is well-documented but today the environment ministry said 16% of China’s soil contains higher-than-permitted levels of pollution.
“The survey showed that it is hard to be optimistic about the state of soil nationwide,” the ministry said. “Some regions are suffering from relatively heavy pollution, the quality of soil in planting areas is worrying, and the problem of waste from industry and mining also stands out.”
The numbers were based on a seven-year survey and the release from the usually-secretive government suggests an official appetite for tackling the problem.
