China’s huge arsenal of reserves is increasing its global influence. The trouble is, China is trapped in an arrangement of its own making. As China and other Asian nations buy more and more US treasuries, it becomes harder to unload them without causing huge capital losses. That’s one of the biggest bubbles building up.

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The Greek debt crisis has spread to Spain and Portugal in a dangerous escalation. Europe’s monetary union is now facing a severe crisis.

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The London real-estate bubble, arguably the biggest one of all, still hasn't popped. But if history is any guide, it surely will.

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