While I agree with him on ag in the US having a good outlook in the next 3-5 years this particular quote is a doozy:

"Chinese lending to industry is not based on profitability, as it is in capitalist countries. Instead, government loans are made based on how many people will be employed by the loan. Upshot: the system has been making many bad loans for years"

Can't he say "housing bubble" or "zero rate interest"? I'm amazed at how analysts can see problems in other countries yet can't identify them in their own back yard. But then again Goldilocks probably get speaking gigs as keynote speakers and the negative attitudes don't get invited back. Not nice to be a downer at an upbeat meeting.

I got news for him. The US is right there in the mix with all the others with problems.

John