主题：中国的刺激方案是不是大的过分了? -- 非洲母鸡

So, really, when it comes down to it, the 5 trillion bought:

1. some psychological relief

2. some more sales of real estate, thus delaying the bankruptcies of many developers

3. an upbeat stock market, for a while

4. prevented the bankruptcy of numerous state firms, especially in the airline, coal, electricity, and steel sector

The problem is, as the excellent Victor Shih of Northwestern University points out on his blog (and as he says, he is repeating points made by a number of others including Michael Pettis), all that cheap money has to stop sometime and, as I also noted in an earlier piece, unless exports have recovered by then, there could be a spectacularly messy comedown. Ironically of course, it was easy money that got the U.S. (and thence the rest of the world) into the current pickle in the first place.