The massive Chinese real estate company Evergrande is unable to pay its debts. This has sparked some rare protests in China and is spooking international financial markets. A key question now is whether or not the government of China will let Evergrande collapse -- and whether or not the collapse of this real estate giant will have knock on effects throughout the region and the world?

Richard Vague is Secretary of Banking and Securities for Pennsylvania and an author who has written extensively about global financial crises. He explains how debt has fueled economic growth in China and discusses the potential international implications of Evergrande's insolvency.

We kick off discussing how Evergrande got buried in such deep debt and what that says about the role of debt in fueling China's massive economic growth over the past decade. He then explains some policy options available to the Chinese government and some of the potential international implications of Evergrande's insolvency.

Richard Vague's article in Democracy