China has a property bubble and is trying to find the money to come out of it. There are serious issues. Government tax revenues, both local and national, have dropped for three straight quarters. This is not the stuff of 7% GDP growth.

China is not the only country in Asia facing a hangover. Nomura's Rob Subbaraman says housing booms in India, Hong Kong, and Taiwan all match or exceed the US bubble in 2008, with Malaysia not far behind. "Asia is setting itself up for a major credit crunch," he says.

This is a must-read.