China: This Is Going To Hurt You More Than It Hurts Us
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"China has given the world cheap labor and cheap goods, as well as cheap capital via export of excess savings. Over the last 15 years, it gave Asia and Latin America a massive demand shock for their raw materials. Those days are gone. Vale, BHP, Rio Tinto shares will never see the $20s again. China accounts for about 60% of iron ore production and imports nearly half of it".
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