Dongguan in Guangdong is on the brink of bankruptcy. Up to 60 per cent of its villages are running up deficits and will soon need a bailout from the township.
It’s a race to the bottom between the US, EU, Japan and China to name but the four largest global economies. It’s perfect timing for an alternative currency to come into being.
It’s not so much a case of being on a road to hell, but a roller coaster.