Holy Hannah! Former chess grandmaster-turned hedge fund manager Patrick
Wolff is betting on a stock market crash in China , where he told Reuters corruption and
bad debts have spiraled to dangerous levels.
Speaking to Reuters on the sidelines of the GAIM conference
in Monaco this week, Wolff
said investors were too focused on trying to work out when easy money policies
will taper off in the United States
and ignoring a looming correction in China .
"People are talking way too much about the Federal
Reserve and not enough about China ,"
he said. "We've been saying that the U.S.
is the safest place to invest, while China is a crash waiting to
happen."
"China 's
centrally-planned economy inevitably means massive corruption and a massive misallocation
of capital," he added, pointing to increasing funding problems for Chinese
companies.
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