Hugh Hendry's latest letter focuses on China

[HT: ZeroHedge] After a long hiatus, Hendry is back with a bang with a long letter that predicts trouble in China, and posits that the root of its crisis will be its undervalued currency that has led to a huge debt buildup and a ginormous property bubble backed by the shadow lending system. In the process, he draw parallels to Weimar Germany and America during the great depression. Hendry continues to be bearish on Japan and most Asian assets.
April 2012 TEF Commentary