Walker: US facing biggest credit crunch ever
The US is facing its biggest crisis since 1929 and major suppliers like China will suffer collateral damage, says CLSAÆs chief economist Jim Walker.
In his customary downbeat global snapshot at the launch of the annual CLSA conference in Hong Kong Monday, chief economist Dr Jim Walker predicted that the ôbutterfly wings of the US subprime debacle would blow like a hurricane through ChinaÆs rust beltö.
Walker believes that China has been one of the biggest beneficiaries of the US easy money policy û and that China will be the biggest victim when the credit crunch bites.
In contrast, India will be a safer...
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