[BeauBo]

“Their predecessors got the bribes, but the new governments got the bills.”

Well said.

Going forward, it is going to be harder to get away with the bribes, now that conventional wisdom has changed.

Before, politicians looked like they smart shoppers getting lower prices when they went with China. Increasingly, the assumption is that they took bribes.

[Zhang Fei]

[Before, politicians looked like they smart shoppers getting lower prices when they went with China. Increasingly, the assumption is that they took bribes.]

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I expect new governments to borrow from China as long as the loan (and bribe) spigot remains on. The problem for China’s taxpayers is that they may get some interest payments, but they will never get the principal back.