There’s the government’s much vaunted “Chinese investment in Enemalta”, right there

From this excellent column:

Now something dreadful has happened. Someone has told the Chinese people where their savings have been going. Does it matter? Of course it matters.

Any student of economic history knows that when a swiftly urbanising economy exports its surplus savings – as Britain did in the late-19th century – it loses touch with reality and goes into recession. Money is tipped into African railways, Brazilian mines and Russian bonds.

China has been tipping cash into worthless transport and energy projects around the world, or storing it in empty London towers. It encourages reckless governments to get involved with stupid projects that no sane banker would support.