Chubai

It's like deja vu or something.

Chanos, founder of New York-based Kynikos Associates Ltd., predicted that China could be "Dubai times 100 or 1,000." Real estate prices there have fallen almost 50 percent from their 2008 peak as the emirate struggles under at least $80 billion of debt. The economy may shrink 0.4 percent this year, Shuaa Capital, the biggest U.A.E. investment bank, says.

Chanos is a smarter man than me and says Dubai will be marked down 80%, I say 90%. Let's split the difference and make it 85% off by the time the dust settles.

China? I think a lot of those new empty buildings and factories will wind up having no value at all.