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This is CBSI in the world. I'm John Batcher. Gordon Chang at Gordon G. Chang.

My colleague and co-host and friend, he's traveling. He's in glamorous Hollywood.

We go to the other side of the Pacific.

To our very good friend and colleague, Anne Stevenson Yang,

author of the highly recommended Wild Ride, The Rise and Tumble Down the Stairs of the Chinese Miracle

from the late 20th to the early 21st century. However, there's much to say about the current condition of the Chinese economy.

The fourth plenum is underway in Beijing in some fashion. There are promises made and

predictions delivered about the next and the next and the next five-year plan. However, I note

that every report now I hear from

Bloomberg or the F.T. or London Times, Wall Street Journal, mentions the property crater,

property bubble, property troubles. And Stevenson Yang has been reporting on that property trouble for the 15 years that

she's been reporting to Gordon and myself. Good heavens. It's been a bubble for more than a

decade. It's now a surprise. And it's the story, I believe, that we've always known about.

You can convince people.

If you have enough people, you can convince them at the emperor's well-clothed.

...