What is Huarong and why do its struggles explain the central contradictions of China's financial system?

To discuss, Logan Wright of Rhodium joins the show. In the first ten minutes, Logan catches us up on the news of the week. Then in the following hour, I rerun an episode we recorded together in late 2018 discussing his report Credit and Credibility, which explains why the big one hasn't hit yet. 

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Outtro music: Miraie & Milkoi 『 ミユキ 』https://www.youtube.com/watch?v=e66NfKGjRY

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